Pacific Oil Company has entered into negations to purchase a 64% working interest in 12 producing heavy oil wells in Maidstone Saskatchewan Canada. The wells are being purchased out of bankruptcy with the trustee being represented by Sayer Energy Advisors.
Ed Loven, Vice president of Pacific Oil, said, "It's no secret that as a company we like heavy oil in this area due to managements experience with the commodity, expertise in its production and preexisting relationships in the vicinity. The purchase of these producing assets at a significant discount is just the opportunity we have been looking for in this prolific area. Once this transaction is complete it will represent a significant uptick in Pacific Oils net asset value.