Amarok Energy Inc. says that its wholly owned subsidiary Trilateral Energy USA Inc. has completed the acquisition of a 50% working interest in an oil and gas property located in central Wyoming, USA. The effective date of the acquisition is September 1, 2013.
The purchase price was cash consideration of $1,850,000 (USD) before closing adjustments.
The assets include a 50% working interest in 8 gross producing oil wells and approximately 5,257 net acres of land. The current production rate of the property is approximately 70 gross barrels of oil per day (35 net). The majority of the property reserves are within the undeveloped categories and it is anticipated that it will require significant future development capital in order to move them into producing reserve categories.