Esrey Energy Ltd. (Toronto Venture: EEL) has entered into a binding agreement to add to its holdings in Poland's Baltic Basin through the acquisition of additional interest in Saponis Investments Sp. z o.o. The company and BNK Petroleum Inc. have agreed to acquire the interests of the other two Saponis shareholders on a pro-rata basis. As of December 31, 2013, Esrey will hold a 42.96 % interest in Saponis.
"The acquisition of additional interest in the Baltic Basin is consistent with our long-stated objective of maintaining optionality in our holdings in Poland," remarked David Nelson, president and CEO. "Esrey continues to monitor activity by offset operators as they assess the commerciality of the play on their respective acreage. The company's future plans with regards to its holdings in Saponis will depend on this activity, combined with our analysis of ongoing changes to the regulatory environment in Poland. We look forward to continued close cooperation with BNK Petroleum Inc. in the evaluation of the Saponis acreage."
In consideration for the acquisition, the company and BNK Petroleum Inc. will assume the future obligations of the selling shareholders in respect of the concessions held by Saponis, on a pro-rata basis.
Esrey is based in Vancouver, British Columbia.
Recommended Reading
Private Equity: Seeking ‘Scottie Pippen’ Plays, If Not Another Michael Jordan
2024-01-25 - The Permian’s Tier 1 acreage opportunities for startup E&Ps are dwindling. Investors are beginning to look elsewhere.
Some Payne, But Mostly Gain for H&P in Q4 2023
2024-01-31 - Helmerich & Payne’s revenue grew internationally and in North America but declined in the Gulf of Mexico compared to the previous quarter.
Uinta Basin: 50% More Oil for Twice the Proppant
2024-03-06 - The higher-intensity completions are costing an average of 35% fewer dollars spent per barrel of oil equivalent of output, Crescent Energy told investors and analysts on March 5.
In Shooting for the Stars, Kosmos’ Production Soars
2024-02-28 - Kosmos Energy’s fourth quarter continued the operational success seen in its third quarter earnings 2023 report.
Canadian Natural Resources Boosting Production in Oil Sands
2024-03-04 - Canadian Natural Resources will increase its quarterly dividend following record production volumes in the quarter.