Altura Energy Inc. (TSX Venture: ATU) is pleased to announce it has entered into an agreement to purchase high quality oil assets strategically located in east central Alberta for cash consideration of $4.0 million, subject to customary closing adjustments. The Assets add 125 boe/d of low decline production and include facility infrastructure and a natural gas pipeline for future growth. The Acquisition is effective August 1, 2016 and is expected to close by September 21, 2016.
The Acquisition is consistent with Altura’s return on capital strategy focused on acquiring under developed assets targeting the shallow, low cost, multi-zone, medium oil weighted section of the Upper Mannville. The Assets include 125 boe/d (55% oil and liquids) of 28° API oil from the Upper Mannville Formation and 7.3 net sections of land concentrated in the Killam area of Alberta, approximately forty miles west of Wainwright, Alberta. The Assets are 100 percent operated and have a low base production decline estimated at 10 percent per year from a high quality sandstone reservoir. Management has identified 12 Upper Mannville horizontal drilling locations based on current approved well spacing. In addition to the drilling inventory there is potential to improve oil recovery by expanding the pilot waterflood throughout other prospective areas in the field.
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