International Petroleum Corp. (IPC) announced in a press release on Feb. 6 the proposed acquisition of Cor4 Oil Corp., a private company in Southern Alberta, Canada, for asset consideration of CA$84 million (US$62 million).
The acquisition’s inventory includes drilling locations close to current IPC operations, with total proved plus probable reserves of 15.9 MMboe as of Dec. 31. Forecasted average net production for 2023 is 4,000 boe/d.
This acquisition brings IPC’s drilling inventory to over 25 different locations on the Ellerslie play fairway, extending from the company’s Suffield asset to a recent acquisition closed in 4Q 2022 to the Cor4 acquired property. IPC plans to drill six more wells in 2023 after the closing of the acquisition.
IPC Canada Ltd. and Cor4 have agreed to offer Cor4 shareholders the opportunity to purchase all of the issued and outstanding Cor4 common shares and options and warrants convertible to Cor4 common shares based on the CA$84 million (US$62 million) asset consideration.
The acquisition is expected to be complete by first-quarter 2023 and remains subject to regulatory approvals.
IPC is an international oil and gas E&P with assets in Canada, Malaysia and France.
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