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Northcote Energy acquires Alta Loma from Springer Oil & Gas


Published Sep 2, 2014
Northcote Energy

Northcote has agreed to acquire a 37.5% working interest in the Alta Loma Field from Springer Oil & Gas LLC ('Springer'). The Alta Loma Field is a 444 gross acre (net 167 acres) property located in Galveston county, Texas and is operated by Frankfurt Stock Exchange listed Activa Resources AG.

Highlights

◾ Alta Loma Field currently produces 30.7 BOEPD gross (8.6 BOEPD Net) ◾ Alta Loma is a 444 gross acre unit held by the production from 1 producing well ◾ Acquisition of 37.5% working interest (28.125% net revenue interest) from Springer for the following consideration: ◾ a capital expenditure credit of $50,000; and ◾ contingent consideration of $100,000 payable on the successful drilling of a new well before 17 July 2015 with initial production in excess of 300 BOEPD

Tags: Northcote Energy




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