Gulf Oil and Gas accountACCOUNT

Eros Enters into Joint Operating Agreement in Saskatchewan

Source: www.gulfoilandgas.com 10/5/2017, Location: North America

Share |
Eros Resources Corp. (Eros) has entered into a Joint Operating Agreement (the “Agreement”) with Westcore Energy Ltd. (“Westcore” or “WTR”) and Saturn Oil + Gas Inc. (“Saturn” or “SMI”) to develop three sections of land near Flaxcombe, Saskatchewan. Under the terms of the Agreement, each of Eros, Westcore and Saturn shall have a one-third (33.33%) working interest in the sections. This provides Eros with a direct interest in the future exploration results, reserve assessment and possible development within the Flaxcombe, heavy oil field. The three parties are currently preparing a budget and schedule to develop this ground.

The three sections are contiguous with Westcore’s 100%-owned sections 12, 13 and 5, where Eros and Westcore are operating under a well-development agreement. Under this agreement, Eros funded the completion of three wells for $1.6 million to earn a 90% working interest until the capital investment is repaid, and a 50% working interest thereafter. In addition, Eros has the right of first refusal on two additional, three-well projects for the same consideration. On September 20th, 2017, Eros announced that well 9-13 had completed its initial 30-day production test, showing an average production rate of 80 barrels of oil per day (72 barrels to Eros). The two additional wells have been completed and brought on production. Once they have passed the initial 30-day test period, results will be made available.

Acquisitions and Divestitures News in Canada >>

Ireland >>  10/18/2017 - Providence Resources P.l.c., the Irish based Oil and Gas Exploration Company, provides an update on Licensing Option (LO) 16/27. Providence is pleased...
Canada >>  10/17/2017 - Tangle Creek Energy Ltd. (Tangle Creek) has closed an acquisition of assets primarily in the Waskahigan and Kaybob areas of Alberta. Included in the a...

Italy >>  10/17/2017 - Saffron Energy, the AIM quoted European natural gas company, has been awarded a Production Concession for its Sant' Alberto gas field from the Italian...
Colombia >>  10/16/2017 - Frontera Energy Corporation (FEC) announces that it has signed an agreement to acquire the outstanding 36.36% ownership of Pacific Midstream Limited (...

Australia >>  10/13/2017 - Key Petroleum has announced that subsequent to the agreement of binding terms for the acquisition of AWE's 100% interest in Production Licence L7 (R1)...
United States >>  10/13/2017 - Chaparral Energy, Inc. has entered into a definitive agreement to sell its North Burbank and Texas Panhandle enhanced oil recovery (EOR) assets for $1...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Canada Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 |

More News

 

Oil & Gas Companies in Canada >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.