Lucero Energy Corp. closed on June 15 the divestiture of non-operated North Dakota Bakken/Three Forks play assets for cash consideration of US$104.6 million (CAD$140.2 million). (Source: Shutterstock.com)
Lucero Energy Corp. closed on June 15 the divestiture of non-operated North Dakota Bakken/Three Forks play assets for cash consideration of US$104.6 million (CAD$140.2 million).
Lucero, based in Calgary, Canada and formerly known as PetroShale Inc., did not disclose the buyer. The company described the transaction as being with “an arm’s length purchaser,” according to a press release.
The divested assets have 153 drilling locations. Production is expected to average 2,300 boe/d in 2023 (80% light oil and NGL). Evaluated by Lucero’s independent reserves evaluator Netherland, Sewell and Associates Inc., the assets include total proved reserves of 15 MMboe and total proved and probable reserves of 20.2 MMboe at Dec. 31, 2022.
At closing, Lucero had no debt and more than CAD$40MM of working capital. The company’s senior secured credit facility was revised to US$160MM.
RBC Capital Markets acted as financial adviser to Lucero.
Lucero also announced its normal course issuer bid with TSX Venture Exchange’s acceptance of the company’s notice of intention to do so. Beginning on June 19, the company plans to buy back, from time to time, up to a maximum of 33.1 million, or 5% of its outstanding shares.
Recommended Reading
Enchanted Rock’s Microgrids Pull Double Duty with Both Backup, Grid Support
2025-02-21 - Enchanted Rock’s natural gas-fired generators can start up with just a few seconds of notice to easily provide support for a stressed ERCOT grid.
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.
McDermott Completes Project for Shell Offshore in Gulf of Mexico
2025-03-05 - McDermott installed about 40 miles of pipelines and connections to Shell’s Whale platform.
Baker Hughes: US Drillers Add Oil, Gas Rigs for Third Week in a Row
2025-02-14 - U.S. energy firms added oil and natural gas rigs for a third week in a row for the first time since December 2023.
Formentera Joins EOG in Wildcatting South Texas’ Oily Pearsall Pay
2025-01-22 - Known in the past as a “heartbreak shale,” Formentera Partners is counting on bigger completions and longer laterals to crack the Pearsall code, Managing Partner Bryan Sheffield said. EOG Resources is also exploring the shale.
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.