Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/by_province/americans_onshore/canada/questerre-to-buy-magnuss-70mmbbl-pool.shtmlQuesterre to buy Magnus’s 70MM bbl “pool”
Calgary-based and Oslo-listed Questerre Energy Corp. appears set to buy a junior oil company in Magnus Energy Inc., an outfit in possession of a 70-million-barrel, light, sweet oil “pool”.
Edit page New page Hide edit links
Calgary-based and Oslo-listed Questerre Energy Corp. appears set to buy a junior oil company in Magnus Energy Inc., an outfit in possession of a 70-million-barrel, light, sweet oil “pool”.
The high-quality light oil earns over an above West Texas rates, and on government-owned land in Canada, a 2.5 percent royalty must be paid. The oil lies in an area called Antler in the southeast of Canada’s Saskatchewan province.
Questerre will buy the junior's shares, pay C$15 million in Magnus’s debt and issue some C$11 million in its own shares to the takeover target.
Magnus’s other value is 210 barrels of oil equivalent per day and C$8 million in seismically shot, undeveloped acreage.
