IPC's acquisition of Cor4 Oil Corp. is expected to be complete by first-quarter 2023 and remains subject to regulatory approvals. (Source: Shutterstock)
International Petroleum Corp. (IPC) announced in a press release on Feb. 6 the proposed acquisition of Cor4 Oil Corp., a private company in Southern Alberta, Canada, for asset consideration of CA$84 million (US$62 million).
The acquisition’s inventory includes drilling locations close to current IPC operations, with total proved plus probable reserves of 15.9 MMboe as of Dec. 31. Forecasted average net production for 2023 is 4,000 boe/d.
This acquisition brings IPC’s drilling inventory to over 25 different locations on the Ellerslie play fairway, extending from the company’s Suffield asset to a recent acquisition closed in 4Q 2022 to the Cor4 acquired property. IPC plans to drill six more wells in 2023 after the closing of the acquisition.
IPC Canada Ltd. and Cor4 have agreed to offer Cor4 shareholders the opportunity to purchase all of the issued and outstanding Cor4 common shares and options and warrants convertible to Cor4 common shares based on the CA$84 million (US$62 million) asset consideration.
The acquisition is expected to be complete by first-quarter 2023 and remains subject to regulatory approvals.
IPC is an international oil and gas E&P with assets in Canada, Malaysia and France.
Recommended Reading
Petrobras to Add Two FPSOs Offshore Brazil in Second-half 2024
2024-08-12 - Petrobras will bring online 280,000 bbl/d of production capacity in the second-half 2024 with the addition of two FPSOs offshore Brazil.
IOCs See Opportunity in Offshore Mexico, Despite Potential for Policy Changes
2024-08-14 - Five IOCs with offshore experience and capital—Eni, Harbour, Talos, Wintershall Dea and Woodside—continue to pursue promising opportunities offshore Mexico despite the country’s energy sovereignty push in favor of state-owned entities Pemex and CFE.
VTX Energy Quickly Ramps to 42,000 bbl/d in Southern Delaware Basin
2024-09-24 - VTX Energy’s founder was previously among the leadership that built and sold an adjacent southern Delaware operator, Brigham Resources, for $2.6 billion.
US Drillers Cut Oil, Gas Rigs for Third Week in a Row
2024-10-04 - The oil and gas rig count fell by two to 585 in the week to Oct. 4.
EY: How AI Can Transform Subsurface Operations
2024-10-10 - The inherent complexity of subsurface data and the need to make swift decisions demands a tailored approach.
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.