Scandoil  

Cue Energy acquires US conventional onshore oil production


Published Jun 8, 2015
Cue Energy Resources Ltd

Cue Energy Resources Ltd will boost oil output and gain significant potential for future production increases, through the acquisition of an 80% operated stake in the producing Pine Mills onshore conventional oil field, in Wood County, 160km east of Dallas, Texas, USA.

The acquisition, from Gale Force Petroleum of Canada includes a US$2 million cash payment, plus the obligation to carry US$1 million in operating and capital expenses for Gale Force's retained interest over the next four years. Cue will fund the acquisition from existing cash reserves.

Cue chief executive officer, David Biggs, said, 'This acquisition diversifies Cue's oil production portfolio and provides near term upside. It is a step in the execution of Cue's stated existing strategy of acquiring producing assets in lower cost environments with proven prospectivity'.

'Cue has been reviewing conventional US production opportunities for some time now, and the current lower oil price environment has provided the opportunity for this acquisition.'

Tags: Cue Energy




Advertisment:

Add a Comment to this Article

Please be civil. Job and promotion will not be added into the comment page.

(Use Markdown for formatting.)

This question helps prevent spam:

+ Larger Font | + Smaller Font
Top Stories

 

 

 

 


 


RSS

RSS
Newsletter
Newsletter
Mobile News
Mobile news

Computer
Our news on
your website


Facebook
Facebook
Twitter
Twitter

Contact
Contact
Tips
Do you have any
tips to us
Stats

 

sitemap xml