Gran Tierra will retain 50% working interest in the assets, the company said. (Source: Shutterstock)
Logan Energy Corp. has closed an acquisition of 50% working interest in the Simonette Montney assets as part of a joint venture with Gran Tierra Energy Inc., Logan said Dec. 17.
Logan paid approximately CA$52 million (US$37.02) cash for the interests in Alberta, Canada.
Logan will assume operatorship of the assets, which averaged 1,590 boe/d in the third quarter, Gran Tierra said Nov. 26 when the “strategic joint venture” was announced.
Gran Tierra will retain 50% working interest in the assets, the company said.
Logan also closed an upsized bought-deal private placement financing of 61.64 million common shares for gross proceeds of approximately CA$45 million (US$31.38 million). Logan used the net proceeds from the equity offering to repay indebtedness related to the acquisition.
Recommended Reading
DNO Discovers Oil in New Play Offshore Norway
2024-12-02 - DNO ASA estimated gross recoverable resources in the range of 27 MMboe to 57 MMboe.
DNO Makes Another Norwegian North Sea Discovery
2024-12-17 - DNO ASA estimated gross recoverable resources in the range of 2 million to 13 million barrels of oil equivalent at its discovery on the Ringand prospect in the North Sea.
Blackstone Buys NatGas Plant in ‘Data Center Valley’ for $1B
2025-01-24 - Ares Management’s Potomac Energy Center, sited in Virginia near more than 130 data centers, is expected to see “significant further growth,” Blackstone Energy Transition Partners said.
Cummins, Liberty Energy to Deploy New Engine for Fracking Platform This Year
2025-01-29 - Liberty Energy Inc. and Cummins Inc. are deploying the natural gas large displacement engine developed in a partnership formed in 2024.
ADNOC Contracts Flowserve to Supply Tech for CCS, EOR Project
2025-01-14 - Abu Dhabi National Oil Co. has contracted Flowserve Corp. for the supply of dry gas seal systems for EOR and a carbon capture project at its Habshan facility in the Middle East.
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.