Scandoil  

Matra Petroleum announces entry into conventional US onshore oil & gas


Published Nov 1, 2013
Matra Petroleum

Matra announce that its wholly owned subsidiary, Matra Petroleum U.S.A., Inc. (Matra USA), has entered into an agreement which allows it to make a series of investments into the US onshore oil and gas sector (the "Purchase Agreement"). Under the Purchase Agreement, Matra USA, through a series of investments, may acquire up to 38,746 net acres, across 50 leases located in the Texas Panhandle, with internally estimated remaining recoverable reserves of 10,575 Mboe, averaging 68% oil, for an aggregate consideration of up to $28.2 million. The leases in aggregate have existing well stock of 221 wells and an estimated 379 new well locations. Current production across the leases is approximately 60 boepd.

The Purchase Agreement is structured such that Matra USA may undertake a phased acquisition of the interests outlined above through a joint venture vehicle. An initial investment of $1.5 million (the "Phase 1 Investment") has been made and a further two phases are expected to be completed by the second quarter of 2014.

Tags: Matra Petroleum




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