Crew Energy Inc. has closed the acquisition of the third tranche of Montney acreage in British Columbia for a purchase price of $35.2 million.

Third Tranche Highlights

■ Acquisition of 81 sections of highly prospective Montney acreage proximate to Crew's existing 292 sections. ■ The 18 section portion in the Altares area, as evaluated by Sproule Associates Ltd. (Sproule) effective May 31, 2013, has a proved and proved plus probable reserve assignment of 2.0 mmboe and 7.6 mmboe, respectively. ■ The net present value of the reserves at Altares discounted at 10% is $19.4 million for the proved reserves and $76.6 million for the proved plus probable reserves. ■ An updated post acquisition independent resource evaluation by Sproule assigns a Total Petroleum Initially in Place (TPIIP) of 91 TCFE on Crew's aggregated northeast British Columbia Montney acreage, up from the previously announced 76 TCFE.

Tags: Crew Energy Inc