Petrolia Energy Corp. entered into a definitive agreement with Whistler Ventures LLC to acquire a 25% working interest position in the long-producing Twin Lakes San Andres Unit in the Permian Basin.
The transaction for the oil and gas property, in which Petrolia currently has working interest of 15%, closed Sept. 21. It’s effective date is Sept. 1.
The Twin Lakes San Andres Unit in Chaves County, N.M., will broaden Petrolia’s operations in the Permian’s Northwest Shelf.
There are about 4,860 gross acres on the acquisition property, 100% HBP to the base of the San Andres Formation. There are net proved reserves of about 2.56 million barrels of oil equivalent.
Whistler will divest its position in the field by acquiring 3.5 million Petrolia shares for about $350,000.
Petrolia Energy Corp. is based in Houston.
Recommended Reading
From Restructuring to Reinvention, Weatherford Upbeat on Upcycle
2024-02-11 - Weatherford CEO Girish Saligram charts course for growth as the company looks to enter the third year of what appears to be a long upcycle.
BP Pursues ‘25-by-‘25’ Target to Amp Up LNG Production
2024-02-15 - BP wants to boost its LNG portfolio to 25 mtpa by 2025 under a plan dubbed “25-by-25,” upping its portfolio by 9% compared to 2023, CEO Murray Auchincloss said during the company’s webcast with analysts.
Patterson-UTI Braces for Activity ‘Pause’ After E&P Consolidations
2024-02-19 - Patterson-UTI saw net income rebound from 2022 and CEO Andy Hendricks says the company is well positioned following a wave of E&P consolidations that may slow activity.
Kimmeridge Fast Forwards on SilverBow with Takeover Bid
2024-03-13 - Investment firm Kimmeridge Energy Management, which first asked for additional SilverBow Resources board seats, has followed up with a buyout offer. A deal would make a nearly 1 Bcfe/d Eagle Ford pureplay.
SilverBow Rejects Kimmeridge’s Latest Offer, ‘Sets the Record Straight’
2024-03-28 - In a letter to SilverBow shareholders, the E&P said Kimmeridge’s offer “substantially undervalues SilverBow” and that Kimmeridge’s own South Texas gas asset values are “overstated.”