Long Run Exploration Ltd. announce the closing of the previously announced acquisition of properties and associated infrastructure (the "Acquisition") in the Company's core areas of Edmonton and Peace River. The focus of the Acquisition was on the consolidation of acreage, facilities, and key infrastructure in the Redwater area. In addition, the Acquisition adds approximately 100 Viking locations to Long Run's existing inventory. The asset at Snipe Lake adds a legacy, low-decline, light oil property with key infrastructure complementary to our Montney oil operations at Girouxville.
The Acquisition properties are currently producing an estimated 1,350 boe per day (approximately 60 percent light crude oil and natural gas liquids), after the exercise of certain rights of first refusal in conjunction with the closing of the Acquisition. As a result of the Acquisition, as well as the sale of certain heavy oil and shallow natural gas assets in Saskatchewan, which closed on August 29, 2013, Long Run's forecast 2013 average annual production volumes increase from 25,000 boe per day to 25,200 boe per day.