Petrolia Energy Corp. said July 6 it has acquired a 25% working interest in the Luseland, Hearts Hill, and Cuthbert fields, located in Southwest Saskatchewan and Eastern Alberta, Canada.
The acquisition consists of working interests in a total of 64 sections (approximately 41,526 acres) with 240 oil and 12 natural gas wells producing on the properties. Additionally, there are several idle wells with potential for reactivation and 34 sections of undeveloped land (approximately 21,760 acres).
Average aggregate total production/sales from the purchased properties for the last five months was approximately 1,290 barrels per day of oil (bbl/d) (1,222 bbl/d of oil and 68 boe/d of natural gas) and a 25% interest nets approximately 322 boe/d.
“This was a fantastic acquisition for our company,” Zel C. Khan, the CEO and president of Petrolia, said. “With the implementation of new technology and modern methodology, we believe production and life expectancy can be dramatically increased.”
Recommended Reading
Electric Hype vs. Hydraulic Reality: Advantages of Traditional Systems
2024-05-07 - Castrol's new fluid prevents gas hydrates in deepwater control systems.
E&P Highlights: May 6, 2024
2024-05-06 - Here’s a roundup of the latest E&P headlines, including technology milestones and new contract awards.
US Oil, Gas Rig Count Falls to Lowest Since January 2022
2024-05-03 - The oil and gas rig count, an early indicator of future output, fell by eight to 605 in the week to May 3, in the biggest weekly decline since September 2023.
Pemex Reports Lower 2Q Production, Net Income
2024-05-03 - Mexico’s Pemex reported both lower oil and gas production and a 91% drop in net income in first-quarter 2024, but the company also reduced its total debt to $101.5 billion, executives said during an earnings webcast with analysts.
Woodside’s GoM Trion Project Wins Social Impact Assessment Approval
2024-02-14 - Woodside Energy’s Trion is expected to start production in the Mexican sector of the Gulf of Mexico in 2028, and Woodside said the impact assessment will help the operator engage with local communities during the construction phase.