Pacific Oil Company increased its previously announced offer to purchase producing heavy oil wells to include an additional four producing wells located on an adjacent property. Including the additional four wells, the Company's offer is now to purchase a total of sixteen producing heavy oil wells located in Maidstone, Saskatchewan, Canada. The initial purchase offer was announced on February 11, 2014.
Ed Loven, Vice president of Pacific Oil, said, "These four wells represent 35-40 barrels per day of additional production. Having our wells concentrated in such close proximity is an operational plus as it increases efficiency and reduces production costs per barrel. We like the Maidstone area, we like heavy oil and we like the price at which these assets can be acquired."