Transaction Type
Announce Date
Post Date
Estimated Price

To buy remaining 72.75% WI in Orion 36 well in MI.

Wellmaster Production Co. plans to acquire the remaining interest in the Orion 36 well in Michigan from Meridian Petroleum Plc (AIM: MRP) for US$207,000. Meridian holds a 72.75% working interest (54.589% net revenue interest) in Orion, which has been in production since August 2007 and has produced more than 2 billion cubic feet of gas. Production is expected to cease in fourth-quarter 2009 with future net cash flow only sufficient to cover abandonment and clean-up costs. Wellmaster owns a 25% working interest and provides much of the equipment and labor resources.