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Surge Energy To Acquire Light Oil Resource Play Asset: A Move To Add Significant Amount of Production To Its Portfolio - Deal Analysis From GlobalData
GlobalData, Oct 2010, Pages: 8
Surge Energy To Acquire Light Oil Resource Play Asset: A Move To Add Significant Amount of Production To Its Portfolio - Deal Analysis From GlobalData
Summary
Surge Energy Inc. (Surge Energy) entered into an agreement to acquire a high working interest, operated property currently producing 726 barrels of oil equivalent per day (boepd) in the Valhalla South Doig located in western Alberta, from a major independent Canadian corporation, for a purchase consideration of CAD75m ($73.08m). The acquisition includes 10,560 gross acres (net 8,613 acres) and 3,308 thousand barrels of oil equivalent (mboe) of proved plus probable (2P) reserves. The current production consists of vertical oil wells producing from extensive tight sand with up to 50 meters (m) of gross light oil play in the Triassic Doig Formation. The acquisition adds a fourth, early stage, high impact, light oil resource play to Surge’s portfolio. The transaction is expected to close on or before November 01, 2010. The transaction implies deal values of $100,760.16 per boe of daily production and $22.08 per boe of 2P reserves
Scope
- This acquisition will provide more production to the company
Reasons to buy
- Develop a sound undestanding of the major M&A's, Partnerships, And Joint Ventures taking place in Asian Oil & Gas industry
- Identify the most lucrative segments to leverage on the growth oppurtunities available in the Indian oil & gas market
- Get a detailed analysis of a deal to enable you to take better decisions
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