Kootenay Energy Inc., Calgary, (Toronto Venture: KTY) plans to acquire oil assets in southeast Saskatchewan for approximately C$2.1 million, including C$1.3 million in cash and 815,000 Kootenay common shares. The purchase includes properties in the Hasting and Viewfield areas of southeast Saskatchewan. The acquisition at Hastings, where Kootenay currently holds a 40% working interest, will make Kootenay the operator of that property with a 100% working interest. This property also adds production of approximately 53 barrels of oil per day. The nonoperated Viewfield assets will add approximately 5 barrels of oil per day to Kootenay's production. The acquisition also includes a total of some 93,000 barrels of proven and 126,000 barrels of proven plus probable light oil reserves. According to Kootenay, the acquisition price is C$16.78 per proved-plus-probable and C$22.74 per proved barrel of oil equivalent.
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