In a recent purchase agreement, Grapevine, Texas-based financial asset recovery company Swordfish Financial Inc. (OTC: SWRF) acquired 100% interest of Catalyst Operations LLC and also acquired currently producing vertical wells and other vertical wells, the company said April 16.
Catalyst Operations is a corporation registered in Texas, the company noted.
The sellers in the purchase agreement are Ron Moss and William Rahauser, Swordfish Financial said.
"Our relationship with Mr. Moss, who is the CEO of Royal Oil Inc., provides an ongoing relationship whereby Swordfish will continue to acquire positions in many projects. It has been our sincerest desire for us to build a relationship to fund and acquire production in this vertical," said Clark Ortiz, CEO of Swordfish Financial.
Swordfish Financial entered the purchase agreement after several months and a structural overhaul that was detailed in February, the company said.
“We have the ability to increase our portfolio and thereby increase the valuation of the company through strategic acquisitions of cash producing companies," said Ortiz.A group of six wells is projected to produce between 50 and 150 barrels of oil per day (bbl/d), Swordfish Financial said. This group may also produce between 75,000 and 150,000 recoverable bbl in reserve, the company added.
Another group of 10 wells could produce between 20 and 40 bbl/d, the company said.
"This is the first of announcements to come of wells in queue which we are uniquely positioned to acquire from 15% to 45% of all productions," said Ortiz.
Catalyst will hold all the assets, Swordfish Financial noted.Recommended Reading
Exxon, Chevron Tapping Permian for Output Growth in ‘24
2024-02-02 - Exxon Mobil and Chevron plan to tap West Texas and New Mexico for oil and gas production growth in 2024, the U.S. majors reported in their latest earnings.
Hess Corp. Boosts Bakken Output, Drilling Ahead of Chevron Merger
2024-01-31 - Hess Corp. increased its drilling activity and output from the Bakken play of North Dakota during the fourth quarter, the E&P reported in its latest earnings.
Petrie Partners: A Small Wonder
2024-02-01 - Petrie Partners may not be the biggest or flashiest investment bank on the block, but after over two decades, its executives have been around the block more than most.
CEO: Magnolia Hunting Giddings Bolt-ons that ‘Pack a Punch’ in ‘24
2024-02-16 - Magnolia Oil & Gas plans to boost production volumes in the single digits this year, with the majority of the growth coming from the Giddings Field.
Endeavor Integration Brings Capital Efficiency, Durability to Diamondback
2024-02-22 - The combined Diamondback-Endeavor deal is expected to realize $3 billion in synergies and have 12 years of sub-$40/bbl breakeven inventory.