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Eros Enters into Joint Operating Agreement in Saskatchewan

Source: 10/5/2017, Location: North America

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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.

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

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