Raging River Exploration Inc.

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
$105.0MM
Description

Acquired acreage in the Dodsland area of southwest Saskatchewan.

Raging River Exploration Inc. (TSX:RRX) is buying acreage in the Dodsland area of southwest Saskatchewan for $105 million, the company announced on Oct. 23.

RRX also entered a freehold leasing arrangement in the greater Dodsland area with a senior energy producer and increased its 2013 development capital budget to $165 million from $145 million.

Through the acquisition and freehold arrangement, Raging River is acquiring an elite Viking light oil waterflood asset with production of 900 barrels of oil equivalent per day, and 40.3 net sections of highly prospective land targeting Viking oil.

The package includes proved reserves of 3.4 million barrels of oil equivalent, and proved plus probable reserves of 4.6 million barrels of oil equivalent per day, both 97% Viking light oil.

The total drilling inventory associated with deals includes more than 280 net drilling locations of which 95% are currently unbooked.

The sale is expected to close on Nov. 21, 2013.