Raging River Beefs Up Core Saskatchewan Play Following Acquisition

Bought Viking oil assets in SW SK in core Dodsland area covering 13,400 undeveloped acres, gaining 175 BOE/d.

Raging River Exploration Inc., Calgary, (Toronto Venture: RRX) has completed its acquisition of focused Viking light oil assets in southwestern Saskatchewan from an undisclosed arm's length energy producer for C$31 in cash and equity.

Raging River paid C$25 million in cash and issued 2.75 million special warrants valued at approximately C$6 million.

The assets include 13,400 undeveloped acres and 110 net horizontal development drilling locations on 21.5 net sections of undeveloped land in the Dodsland area adjacent to Raging River’s core Dodsland resource oil play. The new assets raise the company drilling inventory to more than 470 locations and contain a 16-horizontal-well/section pilot that has been on production for approximately four months.

Production is 175 barrels of oil per day.