Texas-based Peregrine Petroleum has completed a significant acquisition of operated and non-operated assets in Oklahoma's Anadarko Basin, one of North America's most abundant oil and natural gas regions.
The Anadarko Basin deal between privately held Peregrine and Oklahoma-based Primary Natural Resources III LLC was closed on Dec. 19, 2013. Peregrine is acquiring more than 10,000 net acres in Ellis and Roger Mills Counties in western Oklahoma with production from the Cleveland, Tonkawa and Atoka formations.
At closing, Peregrine assumed operatorship in 35 wells and non-operated interests in 31 wells. Currently, four operated and two non-operated wells are awaiting completion. Current net production (93% operated) is estimated to exceed 2,650 barrels of oil equivalent daily (BOE/D), with oil and natural gas liquids representing more than 70% of production.