WestFire Energy Ltd., Calgary, (Toronto: WFE) has closed the acquisition of assets in its core Viking area in Alberta from an undisclosed seller for C$40.3 million.
The assets include 10 sections of prospective undeveloped land targeting the Viking light oil formation in the Redwater area. WestFire has identified more than 110 gross (104 net) potential Viking horizontal oil locations.
Production is 600 barrels of oil equivalent per day (36% oil). Proved and probable reserves are 1.8 million barrels of oil equivalent of proved and probable reserves.
WestFire reports the additional drilling locations represent upside potential of 6.5 million barrels equivalent of reserves which can be developed at an estimated cost of C$115 million.
WestFire now holds 52.3 (49.1 net) sections of undeveloped land on the Redwater Viking play with 26.3 (23.8 net) sections in the higher reservoir quality trend.
The company funded the deal with its credit facilities.
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