Whitebark Energy Announces Acquisition Approved

Adds 450boe/d and 4.1 million boe* to JV reserves

21st March 2018


  • Acquiring oil and gas assets producing 450 boe/d in its existing area of focus in Central Alberta for the gross amount of A$1.9m1 (30% working interest for Whitebark).

  • Adds 135 boe/d net to Whitebark, 30% oil and NGL's and 70% natural gas.

  • Dec 31 2017 1P Reserves Gross 1.5 mmboe, 2P Reserves gross 4.1 mmboe*.

  • Acquisition funded from existing cash reserves, circa A$350,000 net to Whitebark after adjustments.

  • Approximately 26,500 gross acres of land, including 1100 acres with Duvernay rights.

  • Identified drilling locations with multizone opportunities.

Whitebark Energy Ltd (ASX: WBE) (“Whitebark” or “the Company”) is pleased to announce that the first acquisition of 2018 for the Point Loma JV (PLJV) has been approved by the Alberta Courts (ref. ASX release March 5th 2017).

The acquired oil and gas assets increase the PLJV's current daily production by over 30%.

Comprising approximately 26,500 gross acres of land and associated facilities, the area of the acquisition (designated as Gilby area) is adjacent to the PLJV's existing landholdings (Figure 1) and is currently producing approximately 450 boe/d with 30% being oil and NGLs.

The assets include significant upside potential with booked Proved and Probable undeveloped reserves as well as numerous exploration locations with multi-zone potential across the Mannville, Cardium and Duvernay zones.

“Over the last nine months we have demonstrated we have the capability to identify and execute value adding transactions and we remain focussed on growing both production and reserves in Canada as long as the acquisition metrics remain attractive.” said Whitebark Managing Director, David Messina.

New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

Visit source site

Whitebark EnergyAcquisitionCentral AlbertaCanadaPoint Lomanatural gasReserves

More items from oilvoice

Cyber Security Experts Unite to Protect Europe’s Critical Industries

CS4CA Summit Returns to London this October Staying abreast of fast-paced industry developments is crucial for cyber security professionals. And while one can learn a lot from publications and social media, it's hard to beat the value of insights gained first-hand from peers. This is why 150+ IT ...

OilVoice Press - OilVoice

Posted 9 months agoPress > cybereurope

Africa E&P Summit

The organisers of the Africa E&P Summit are bringing together Africa's leading exploration companies and governments, just one of the many reasons why you should be attending frontier's event that they are organising and hosting in London at the IET: Savoy Place, 22-23 May. Over 200 key senior exec ...

OilVoice Press - OilVoice

Posted 1 year agoPress > Africasummitoil summit +2

Equinor Deepens in Offshore Wind in Poland

Equinor has exercised an option to acquire a 50 % interest in the offshore wind development project Bałtyk I in Poland from Polenergia. This transaction is a follow-up of the agreement between the two companies which came into force in May 2018 , by which Equinor acquired a 50 % inter ...

OilVoice Press - OilVoice

Posted 1 year agoPress > EquinorEquinor EnergyPoland +2

Nigeria has highest capex on crude and natural gas projects in sub-Saharan Africa Over Next Seven Years, says GlobalData

Nigeria accounts for more than 34% of the proposed capital expenditure (capex) on planned and announced crude and natural gas projects in the sub-Saharan Africa over the period 2018–2025, according to GlobalData , a leading data and analytics company. The company's report: ‘H2 2018 Production ...

OilVoice Press - OilVoice

Posted 1 year agoOpinion > GlobalDataNigeriaCrude +5

CNOOC Signs Strategic Cooperation Agreements with 9 International Oil Companies

HONG KONG, Dec. 18, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed Strategic Cooperation Agreements with 9 international oil companies including: Chevron, Conoco ...

OilVoice Press - OilVoice

Posted 1 year agoPress > CNOOCChina National Offshore Oil CorporationChevron +11
All posts from oilvoice