Prairie West Oil and Gas Ltd. executes letter of intent to purchase a 50% interest in 640 acre producing heavy oil asset
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Prairie West Oil and Gas Ltd. executes letter of intent to purchase a 50% interest in 640 acre producing heavy oil asset
Due diligence including upside potential of additional drilling targets now underway.
CALGARY, Alberta Canada/January 24, 2012 --Today Canadian energy producer Prairie West Oil & Gas is pleased to provide a positive update to its shareholders regarding the company's latest acquisition initiative. A letter of intent to purchase has been signed, and the due diligence process that includes the upside potential of additional drilling targets is now underway.
Based on current production levels, the interest Prairie West is seeking to acquire would represent a net addition of approximately 50 barrel a day of heavy oil to the Company's expanding production portfolio. With a facility and two licensed water disposal wells on site this purchase would represent value over and above the increased production.
Vice President Anthony Sarvucci: "As a company we like the acquisition of heavy oil and the accompanying lower overall risk involved in production due to the expertise Prairie West has at its disposal. Additionally, this purchase has the potential for further drilling targets, is in close proximity to existing production and has enhanced revenue generating potential. These facts are all positives that revolve around this deal and the reasons the company is eagerly moving forward in the negotiating process.
The purchase is currently being vetted by the rigorous internal control mechanisms that are in place for all potential acquisitions. The goal is to make sure that the deal conforms to Prairie West's core company value of only investing when it can assure its shareholders of upside potential. I look forward to bringing the results of this due diligence to current and potential shareholders in the very near future."
At this time the company would like to encourage all those with an interest in the Prairie West to visit www.prairiewestonline.com and signup for the corporate newsletter to stay up to date on the company's progression.
About Prairie West Ltd.:
Prairie West Oil & Gas is a producing energy company with both established production and assets within the center of Canada's highest reserve epicenters; the oil boom provinces of Alberta and now Saskatchewan. Prairie West operates under the notion that now is the time to take advantage of favorability priced acquisitions and joint ventures while constantly striving to reduce the cost of doing business. The goal is to build for the future while remaining focused on the short term profitability that rewards early shareholders.
The experienced team at Prairie West has the expertise and proven execution required for success in today's rapidly changing energy sector. This has been clearly demonstrated with the Maidstone acquisition, the more recent eleven well expansion located in close proximity to current production and a new 27 well producing gas play in Saskatchewan Canada.
Prairie West's primary long-term development project is strategically placed within the highly productive Twining area which is surrounded by major multi-national energy giants such as EnCana, Suncor and Devon Energy. This project is immediately adjacent to the enormous Twining Rundle/Mannville Pool with original oil in place of 1.013 billion barrels equivalent.
Leseranfragen:
Prairie West Oil and Gas
Gary Pearce
888 3rd Street SW Suite 1000
Calgary, Alberta T2P5C5
TEL. 403 444 6880 403 444 6880
Datum: 24.01.2012 - 16:50 Uhr
Sprache: Deutsch
News-ID 107315
Anzahl Zeichen: 3550
contact information:
Town:
Wien
Kategorie:
Business News
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