GREY:ROAOF - Post by User
Post by
TheAuditoron Mar 25, 2009 2:32pm
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Post# 15870125
What this acquisition made directly by OIL ?
What this acquisition made directly by OIL ?
This is straight from the sedar files.....was is this ? If it produces and belongs to Oilexco... that is nice.
Financial statements September 2008
Note 9
ACQUISITION
On April 30, 2008, the Company acquired 100% of the voting shares of Svenska Petroleum Exploration UK
Limited for cash consideration of $30.6 million including working capital adjustments.
The acquisition provides the following interests:
.. a 1.66% unitized equity interest in the Nelson Field and platform;
.. a 6.45% working interest in the Janice and James fields and floating production vessel and
.. a 40% working interest in Block 30/23b, south east of Janice
The purchase price is assigned to the estimated fair values of the acquired assets and liabilities as follows:
Current assets $10,921,000
Current liabilities (6,102,000)
Property, Plant and Equipment 47,599,000
Asset Retirement Obligations (9,384,000)
Future Income Taxes (12,444,000)
Total $30,590,000
The operations of the acquired enterprise are included in the Company’s consolidated results commencing
April 30, 2008. Current assets acquired included $8.1 million in cash resulting in a net cash consideration
price in the amount of $22.5 million.