Prairie West Oil and Gas Ltd. announces intent to acquire additional oil production
(firmenpresse) - Prairie West Oil and Gas Ltd. announces intent to acquire additional oil production
Acquisition represents an approximate 50 barrel a day of additional production.
CALGARY, Alberta Canada/December 19, 2011 -- Canadian energy producer Prairie West Oil & Gas Ltd. is today pleased to announce that the company has signed a memorandum of understanding to purchase a 50% interest in existing oil production located near Shackleton Saskatchewan Canada. At current production levels this interest represents a net addition of approximately 50 barrel a day to Prairie West's growing production portfolio.
In addition, the acquisition target also contains a facility on site and two licensed water disposal wells. This is important to note as it represents value and revenue potential over and above the aforementioned increased production numbers.
Vice President Anthony Sarvucci: "Over the past few months the team here at Prairie West has been actively seeking to increase the company's footprint near our current natural gas production located in the Shackleton area. After looking at a number of plays, Prairie West has determined that one in particular has every indication of meeting the company's strict criteria while having financial terms that conform to our core company values. A more detailed due diligence process is underway and the play still must be fully vetted by the control mechanisms in place for potential acquisitions. This being said, the preliminary results look promising.
On another note, from an operational standpoint this year has been extremely plus positive for Prairie West. It is our hope that in the new year the share price of our common stock will better reflect this operational success moving forward. Look for a 'Year in Review' presentation from the company early in the new year."
Prairie West fully intends to sign a letter of intent within 7-10 days.
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: 19.12.2011 - 14:09 Uhr
Sprache: Deutsch
News-ID 98208
Anzahl Zeichen: 3352
contact information:
Town:
Wien
Kategorie:
Business News
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