Raging River Exploration Inc. has announced that it has closed a Viking consolidation transaction (the "Acquisition") from an arm's length energy producer. The company acquired approximately 620 boepd (97% light oil) of production and 24 net sections of land prospective for Viking light oil, for total cash consideration of approximately US$58 million subject to customary closing adjustments.
The Acquisition is consistent with Raging River's continuing strategy to consolidate the Viking light oil fairway. The Acquisition includes wells and facilities in Raging River's core Kerrobert and Lucky Hills producing areas in southwest Saskatchewan.
Included with the acquisition is a strategic natural gas processing facility and associated pipeline network which will allow the Company to tie-in approximately 1.5 mm ft3/d of natural gas production that is currently not conserved. The company has attributed a value of US$5 million to the infrastructure as the acquired facility will enable the expansion of our Kerrobert production without the need to construct a natural gas processing facility.
Read the article online at: https://www.oilfieldtechnology.com/exploration/29112016/raging-river-exploration-announces-us58-million-dodsland-viking-property-acquisition/