Posted by OilVoice Press - OilVoice
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.
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