NExt Oil and Gas JR. to Make a BIG Move
ACG.v
Anglo Cdn target Tallgrass closes oil lands acquisition
2012-08-09 11:56 ET - News Release
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Mr. Jim Ehret reports
ANGLO CANADIAN OIL CORP.: TALLGRASS ENERGY CORP. CLOSES PREVIOUSLY ANNOUNCED ACQUISITION OF PRODUCING CARDIUM LIGHT OIL ASSETS IN CENTRAL ALBERTA
Anglo Canadian Oil Corp. target Tallgrass Energy Corp. has successfully completed its previously announced acquisition of certain producing Cardium light oil assets in central Alberta. This acquisition adds approximately 450 barrels of oil equivalent per day to its production base for total consideration of $17-million.
Key attributes of the acquisition include:
- Cardium light oil production of approximately 450 boe/d (73 per cent light oil and natural gas liquids);
- Almost 30 net sections of land, of which most are operated;
- Ownership of nine square kilometres of 3-D, and 102 km of 2-D seismic and access, to the end of January, 2013, to an additional approximately 21 square km of 3-D;
- An independent engineering report stating a 2P reserves value of $27.5-million (2.1 million boe);
- 10 sections of undeveloped Cardium lands having 40 potential net low-risk drilling locations.
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