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NaveenS
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Product Manager - Derrick Petroleum Services. Working in Oil & Gas Industry for 5+ years. Contributed significantly for Database development for Upstream transactions (http://www.1derrick.com/ma-database). Initially worked as a 'Research Analyst' at Reuters. LinkedIn Profile:... More
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Derrick Petroleum Services
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1Derrick
  • Gear Energy Buys Heavy Oil Assets In Canada For $77 Million 0 comments
    Apr 25, 2014 3:45 AM | about stocks: GENGF

    Gear Energy has entered into an agreement to acquire heavy oil assets in Alberta and Saskatchewan for C$85 million (US$77 million).

    Assets overview

    · Over 40,000 net acres of land located in Wildmere, Alberta and Maidstone, Saskatchewan

    · 91% working interest and 95% operated interest

    · Production of 2 MBOE/d (98% liquids)

    Gear's team has already identified 175 net drilling locations in the assets. This will increase Gear's drilling inventory to approximately 400 locations. Gear has also identified approximately 60 net recompletion opportunities on existing vertical wells.

    Gear estimates that its total corporate production upon the completion of the transaction will be over 7 MBOE/d.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Themes: 1Derrick, Alberta, Saskatchewan Stocks: GENGF
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