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.
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