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Incremental Oil and Gas completes purchase of Silvertip Oil and Gas field


Published Jul 2, 2015
Incremental Oil and Gas

Incremental Oil and Gas has completed the purchase of the Silvertip Oil and Gas Field from Fidelity Exploration & Production Company.

Key Highlights •Conventional oil and gas field estimated at 25% Oil, 45% Gas, 30% NGL's •Leases cover approx. 5,500 net acres - 100% working interest and approx. 80% of which are held by production •81% average net revenue interest (NRI) •1P Developed Reserves independently certified at 0.58 million BOE net of royalties •Increase in group 1P reserve base by over 150% •Purchase price $6.3m •Acquisition has been debt financed on normal commercial banking terms

The Silvertip Field lies within the Bighorn Basin in Wyoming USA, which hosts operations of a number of significant E&P companies including Marathon Oil Company, Encore Energy Partners, Devon Energy Production Co and Whiting Oil and Gas Corp.

The Silvertip Field is structurally defined and is a part of a larger anticlinal structure which culminates just east in the Elk Basin Field.

Tags: Incremental Oil and Gas Ltd




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