Anterra Energy Closes $12 Million Nipisi Property Acquisition

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
CA$12.1MM
Description

Acquired producing oil properties in the Nipisi area of central N Alberta.

Anterra Energy Inc. (OTC: ATERF; TSXV: AE-A) closed its property acquisition in the Nipisi area of north central Alberta for $12.2 million in cash on Dec. 18.

The Caglary company acquired producing oil properties in the Nipisi area. The acquisition includes an approximate 88% working interest in 5,920 gross developed acres of land, including infrastructure and 17 producing oil wells, producing 400 barrels of oil equivalent per day (BOE/d) with 94% light oil net to the company.

Anterra funded the acquisition through its existing credit facilities. The vendor is a publicly-traded intermediate Canadian producer of oil and natural gas. The acquisition is effective as of Aug. 1.

"This acquisition is consistent with our objective to build our production and reserve base in Western Canada and almost doubles our current production," Dr. Gang Fang, Anterra CEO, said in the release. "Looking ahead, we continue to evaluate opportunities to further expand our asset base, increase our production and add to our inventory of development opportunities."