Quattro Exploration and Production Ltd. completed three acquisitions, and one divestiture, of western Canadian exploration land, the company said April 30.
Quattro’s total land position is now 98,533 developed acres and 204,581 undeveloped acres in core Saskatchewan areas.
The company will expand operations to include workovers and completions for the Saskatchewan acquisitions which are expected to add more than 300 barrels of oil equivalent per day (boe/d).
Quattro’s sustainable core area produces more than 1 Mboe. The acquisitions consolidate three additional low-risk, tested light oil plays that combine production and optimization of 500 Mbbl of proven and probable oil reserves.
Leonard Van Betuw, president and CEO, said the acquisition marks the start of the 2015 A&D plan.
Quattro acquired full interest in one developed nonproducing oil and gas field in southwestern Saskatchewan. Prior to being shut in, the field was producing 120 boe/d, with 277Mboe of assigned reserves.
The purchase includes full interest in the recently upgraded oil separator and water injection facilities, 28 sq km of 3-D seismic and 85 kms of 2-D seismic. The Shaunavon, Madison, Belly River and Cantuar formations could potentially be expanded, the company said.
Quattro acquired a full interest in a 7,680-acre oil sands lease in northern Alberta that expires in December 2023
Full interest was assigned for the 50% nonoperating interests in a 111,855-acre exploration permit that Quattro operates in south-central Saskatchewan.
Working capital helped fund the three acquisitions. The sale of operated, full-BPO interest and 20%-APO interest in heavy oil properties in Alberta’s McMullen region also helped fund them.
Legal proceedings with Cote Resources Ltd. were settled as a condition of closing the purchase.
Quattro Exploration and Production Ltd. is based in Calgary, Alberta.
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