Radiant Oil & Gas, Inc. has acquired the Garnet project, a 1,000 acre field in St. Mary Parish, La. originally discovered and developed by Sun Oil Co. Based on management estimates, the project adds over $45 million to the Company's PV-10 reserves. A third-party analysis of the project is currently underway to confirm management's initial analysis.
"This acquisition is consistent with our strategy of purchasing and redeveloping long lived, historically producing assets in the Gulf Coast," said Radiant CEO John Jurasin. "As interest in unconventional shale plays has surged, we continue to see a number of overlooked opportunities to acquire quality, mature projects in conventional areas at compelling valuations. Garnet in particular offers a unique opportunity. Because the field has been extensively studied, and we have experienced crews in the region, we are confident that we can quickly get this project commercially producing and generating cash flows."