Devlan Exploration Inc., Calgary, (Toronto: DXI) has closed the acquisition of a private company with assets primarily in the Peace River Arch area of northwest Alberta for C$23.1 million. The acquired properties currently produce approximately 750 barrels of oil equivalent per day. The acquisition includes 890,000 barrels of oil equivalent of proved developed producing reserves and 1.56 million barrels of oil equivalent of proved-plus-probable. The acquisition a cost is C$14.87 per provenplus- probable barrel equivalent, according to Devlan.
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