Arabella Exploration Inc. (OTC Markets: AXPLF), an oil and gas E&P company focused on the Southern Delaware portion of the Permian Basin, has acquired additional working interests in its properties from existing holders. Over a series of five separate transactions, the company acquired approximately 420 net acres and approximately 350,000 barrels of oil equivalent in proved reserves. These reserves are worth in excess of $6.0 million of proved PV10, including approximately $3.5 million of proved developed producing PV10.
Across the five transactions, the company will pay, in the aggregate, approximately $2.2 million and issue 112,250 of its ordinary shares. The company will be entitled to production and revenue from the acquired working interests beginning from the effective date of November 1, 2014.
Arabella is based in Midland, Texas.
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