Perisson Petroleum Corp. executed a non-binding letter of intent for the acquisition of oil and gas assets in west-central Alberta, the company said Aug. 10.
The assets are comprised of oil and gas resources that are expected to form the backbone of the company's future development plans in a proven oil-rich fairway.
The assets contain a strategic land position as well as a multizone resource base. The total proved and probable reserves associated with the assets are about 9 million recoverable barrels of oil equivalent, based on an independent qualified reserve evaluator's report.
Perisson initiated the due diligence process and expects to enter into a binding purchase agreement by the end of August, with a final closing by the end of third-quarter 2016.
The transaction’s completion will be subject to the execution of a binding agreement and customary closing conditions.
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