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The South Asian nation's previous licensing rounds saw a lukewarm response from global oil giants because of tax issues and doubts about the quality of the blocks on offer, Reuters reported.
The acquisition lands are south of the Wapiti River. After the acquisition closes, Blackbird will have significant blocks of land north and south of the river.
The complexity of mineral ownership and working interests creates opportunities for landmen who can put together large tracts of acreage, Sheffield said.
Alfa holds mineral rights in southeast Texas—in the Eagle Ford and in the Edwards and Wilcox fields—as well as in Oklahoma, Kansas and Colorado, Reuters reported.
A non-brokered private placement of about 1.58 million common shares priced at CA$2.53 each—for gross proceeds of about CA$4 million—will help fund the purchase price alongside credit facilities.
CEO Fred Callon estimates the company added 480 gross horizontal locations on the acquired Ward acreage in the Wolfcamp C and various Bone Spring intervals alone.
Targets emerge for Sanchez while Oxy plans to sell $1.5 billion in assets and QEP may move the Pinedale.
Flowtex Energy completed its acquisition of a large East Texas field with significant, currently producing acreage and leases, according to a Feb. 10 press release.
President Beau Flowers said the company acquired these “undervalued assets” and plans to bring five wells back into production initially.
Founders will likely acquire additional adjacent acreage in the coming weeks, the press release said, noting that Houston American would acquire an interest in the same--bringing the total acreage position to about 800 gross acres.
The field is expected to come into production at the end of the year and will save Egypt billions of dollars in hard currency that would otherwise be spent on imports, Reuters reported.
Camber will open a new core area targeting the San Andres, which is relatively shallow at 4,800 ft and has produced about 6 billion barrels (Bbbl) of oil, of which 2 Bbbl came from the Central Basin Platform.
Shell is in the midst of a $30 billion global asset disposal program and previously said it has put up for sale two assets in its U.S. shale portfolio, Reuters reported.