NYSEAM:PLX - Post by User
Comment by
stockfyon May 05, 2018 9:36am
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Post# 27986787
RE:News
RE:NewsGreat deal! Deal closed. They paid a very low price because the seller had gone broke:
CALGARY, Alberta, May 01, 2018 (GLOBE NEWSWIRE) -- Point Loma Resources Ltd. (TSX VENTURE:PLX) is pleased to announce that it has acquired certain oil and gas assets from a private oil and gas company involved in a receivership process, with an effective date of November 1, 2017.
After closing adjustments, the net purchase price of the Acquisition was approximately $779,000 for Point Loma’s 70 percent working interest share.
Highlights (figures gross unless stated otherwise):
- Point Loma (70 percent working interest) and Salt Bush Energy Ltd. (“Salt Bush”) have acquired assets concentrated in the west central area of Alberta contiguous to Point Loma’s existing area of focus.
- Production of approximately 450 boe/d (315 boe/d net), comprised of 35 percent oil and ngl’s.
- Approximately 29,000 acres (12,900 net acres) of undeveloped land and over 130 kilometers of proprietary seismic in Point Loma’s core area of west central Alberta.
- The Acquisition had total proved reserves of 2.6 MMboe (1.9 MMboe net) and total proved reserve net present value, discounted at 10 percent, of $8.9 million ($6.2 million net).
- The Acquisition had estimated net operating income of $850,000 ($595,000 net) during the recent six month adjustment period (November 2017 – April 2018).
- The Acquisition has a liability management ratio (“LMR”) of 3.4, comprised of deemed assets of $11.5 million and deemed liabilities of $3.4 million.
The properties include areas with proved undeveloped locations booked in addition to the base production. Full summary tables of the reserves of the Acquisition were released in Point Loma’s March 19, 2018 press release.