Bonterra Energy Corp. (TSE: BNE) announced Feb. 20 it will acquire oil and gas assets targeting the Cardium Formation in the Pembina area of Alberta.
The Calgary, Alberta company said it entered into an agreement dated Feb. 19, to acquire the assets from a senior oil and gas producer for C$172 million (US$137.2 million).
The acquisition includes upper zones in the Belly River and Edmonton Sands, with a production base that is complementary to current Bonterra acreage and provides additional inventory of long-term drilling locations.
Highlights:
- Production of 1,800 barrels of oil equivalent per day (boe/d) for January 2015 average provided by vendor;
- Oil and natural gas weighting of 86%;
- Proved reserves of 9,861.2 Mboe;
- Proved and probable reserves of 13,039.5 Mboe; and
- Decline rate of 7%.
The cash consideration to be paid by Bonterra is to be initially financed by a combination of working capital and debt. The acquisition will have an effective date of Jan. 1 and is presently expected to close on or before April 15.
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