Quattro Exploration and Production Ltd. closed its purchase of oil and gas production, facilities and lands in British Columbia from two Alberta-based private E&Ps, the company said Nov. 18.
The purchase price totaled about CA$1.9 million and was paid through the issuance of 10,625 non-voting Class C Series 3 preferred shares priced at CA$100 each. Also, CA$881,680 was paid in cash from working capital assumed by Quattro.
The properties are in northeast British Columbia, geologically similar to Quattro's current operations in its core region of properties.
The transaction included the transfer of working capital in the form of cash deposits, a full interest in 102 barrels of oil equivalent per day (boe/d) of production that is currently shut-in due to government restrictions on the seller, and 10,036 net acres in the Halfway and Baldonnel formations. These acres are developed and undeveloped. Previously, about 102boe/d net was produced—550 million cubic feet per day of natural gas and 10bbl/d of condensate.
Quattro Exploration and Production Ltd. is based in Calgary, Alberta.
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