Prairie West moves to acquire additional oil assets near existing production.
(firmenpresse) - Prairie West moves to acquire additional oil assets near existing production.
Preliminary talks complete, due diligence underway.
CALGARY, Alberta Canada, 14. August 2012 - Today Prairie West Oil and Gas is pleased to announce that it is in the process of actively perusing an acquisition of new oil assets in close proximity to the company's existing Maidstone production. The assets consist of three successfully drilled standing wells and an abundance of energy rich land that contains additional high value drilling targets.
Vice President Anthony Sarvucci: "As a company we like doing business in province of Saskatchewan due to its pro business government, simplified regulations and favorable economic terms. As such, Prairie West has been actively seeking addition energy assets in close proximity to our existing production in Maidstone Saskatchewan.
On the surface this potential acquisition looks to meet all of Prairie's strict acquisition criteria while having acceptable financial terms that conform to our core company values. Preliminary indications look good but the deal must still be fully vetted by the control mechanisms in place for all potential acquisitions before capital is committed. "
The next steps for Prairie West are to continue to engage the third party divestiture company which is assisting in brokering the deal and to continue to dig deeper into the Geological Data as part of the aforementioned due diligence process.
Prairie West will release more details via news release as milestones in the process are reached.
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 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
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Datum: 14.08.2012 - 08:46 Uhr
Sprache: Deutsch
News-ID 174196
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