Northcote has entered into a heads of terms agreement to acquire a 35% interest in and become operator of the producing wells at the 1,670 gross acre Shoats Creek Oil Field in Beauregard Parish, Louisiana.

Shoats Creek represents a low cost acquisition opportunity to bolster both existing and long term production and reserves and the deal has been structured to allow the Company to continue to focus on its operational and financial resources through its 2014 work programme across its Oklahoma properties.

Northcote will initially acquire a 70% interest in the Shoats Creek Field from Springer Oil & Gas, LLC (Springer) and will simultaneously farm-down 50.0% of this interest (35%) to North American Petroleum plc ('NAP') on the same terms

Tags: Northcote Energy