Petrolia Energy Corp. entered into a definitive agreement with Whistler Ventures LLC to acquire a 25% working interest position in the long-producing Twin Lakes San Andres Unit in the Permian Basin.
The transaction for the oil and gas property, in which Petrolia currently has working interest of 15%, closed Sept. 21. It’s effective date is Sept. 1.
The Twin Lakes San Andres Unit in Chaves County, N.M., will broaden Petrolia’s operations in the Permian’s Northwest Shelf.
There are about 4,860 gross acres on the acquisition property, 100% HBP to the base of the San Andres Formation. There are net proved reserves of about 2.56 million barrels of oil equivalent.
Whistler will divest its position in the field by acquiring 3.5 million Petrolia shares for about $350,000.
Petrolia Energy Corp. is based in Houston.
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