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.
◾ 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