Bankers Petroleum Ltd., Calgary, (Toronto; London AIM: BNK) has closed the acquisition of approximately 250,000 net acres of unconventional assets in the northern and central regions of the United States from Vintage Petroleum LLC for C$30 million in cash and stock. The assets are in the Arkoma and Ardmore basins of Oklahoma, the Black Warrior Basin of Mississippi and Alabama, and the Appalachian Basin in New York. Bankers financed the deal with US$10 million in cash and the remainder in approximately 26 million Bankers shares at C$0.88 each. An additional C$1-million cash payment, along with approximately 30,000 net acres in the Palo Duro Basin in the Texas Panhandle, was transferred to third parties to settle competing claims.
Recommended Reading
Darbonne: The Geologic, the Man-made and the Political of Uinta Basin Outcrops
2024-10-01 - The oily western Uinta features layers of sedimentary deposits on view for visitors, mostly uninterrupted by man-made features but having an unseen pall of federal interference.
Utica’s Encino Boasts Four Pillars to Claim Top Appalachian Oil Producer
2024-11-08 - Encino’s aggressive expansion in the Utica shale has not only reshaped its business, but also set new benchmarks for operational excellence in the sector.
Hot Permian Pie: Birch’s Scorching New Dean Wells in Dawson County
2024-10-15 - Birch Resources is continuing its big-oil-well streak in the Dean formation in southern Dawson County with two new wells IP’ing up to 2,768 bbl/d.
US Drillers Add Oil, Gas Rigs for First Time in Four Weeks
2024-10-11 - The oil and gas rig count rose by one to 586 in the week to Oct. 11. Baker Hughes said the total count was still down 36 rigs or 6% from this time last year.
E&P Highlights: Nov. 18, 2024
2024-11-18 - Here’s a roundup of the latest E&P headlines, including new discoveries in the North Sea and governmental appointments.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.