Petrolia Energy Corp. said July 6 it has acquired a 25% working interest in the Luseland, Hearts Hill, and Cuthbert fields, located in Southwest Saskatchewan and Eastern Alberta, Canada.
The acquisition consists of working interests in a total of 64 sections (approximately 41,526 acres) with 240 oil and 12 natural gas wells producing on the properties. Additionally, there are several idle wells with potential for reactivation and 34 sections of undeveloped land (approximately 21,760 acres).
Average aggregate total production/sales from the purchased properties for the last five months was approximately 1,290 barrels per day of oil (bbl/d) (1,222 bbl/d of oil and 68 boe/d of natural gas) and a 25% interest nets approximately 322 boe/d.
“This was a fantastic acquisition for our company,” Zel C. Khan, the CEO and president of Petrolia, said. “With the implementation of new technology and modern methodology, we believe production and life expectancy can be dramatically increased.”
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