PetroTech Oil and Gas Inc. (OTC: PTOG) and Pangean Energy LLC, through a joint venture have entered into a contract to purchase mineral interests in leases in North Dakota Bakken shale formations. The leases consist of 16,000 acres under lease, with an additional 14,000 acres under option.
"The acquisition price is $28,800,000.00 to be paid through a combination of cash, stock and interest in the development of the wells; (which have no depth restrictions and include several other potential zones). The transaction is subject to final due diligence by the purchaser and legal title opinions," said Eddie Schilb, president of PetroTech (PTOG).
"The engineering report performed by Pinnacle Energy Services LLC, as of June of 2012 reported that information was tight from the State of North Dakota but it had been reported that IP rates in the Bakken were between 2000 barrels of oil per day (boepd) and 3500 boepd with probable and possible reserves for the property of 116,242,000 barrels of oil.
Petrotech is headquartered in New Orleans. Pangean is based in Bedford, Texas.
Recommended Reading
Matador Stock Offering to Pay for New Permian A&D—Analyst
2024-03-26 - Matador Resources is offering more than 5 million shares of stock for proceeds of $347 million to pay for newly disclosed transactions in Texas and New Mexico.
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.
M4E Lithium Closes Funding for Brazilian Lithium Exploration
2024-03-15 - M4E’s financing package includes an equity investment, a royalty purchase and an option for a strategic offtake agreement.
Laredo Oil Subsidiary, Erehwon Enter Into Drilling Agreement with Texakoma
2024-03-14 - The agreement with Lustre Oil and Erehwon Oil & Gas would allow Texakoma to participate in the development of 7,375 net acres of mineral rights in Valley County, Montana.
California Resources Corp. Nominates Christian Kendall to Board of Directors
2024-03-21 - California Resources Corp. has nominated Christian Kendall, former president and CEO of Denbury, to serve on its board.