Cardinal Energy Ltd. has completed its previously announced acquisition in the Wainwright area of Alberta. The acquired assets are 99.4% operated, include a high working interest in the associated facilities and are consistent with our strategy of building a solid low decline production base. Wainwright is a new core area for Cardinal and the assets acquired immediately offset Cardinal's current producing properties in Wainwright.
These properties were acquired on January 23, 2013 and produce approximately 100 Boe/d of medium quality crude oil (22° API) and associated gas. Crude oil makes up 99% of the production. The Wainwright Assets consist of 73% operated working interest in medium quality crude oil assets located in the Wainwright area of Alberta with 87% of the reserves being proved producing reserves.