Strategic Oil To Buy Out JV Partner's Stake In Maxhamish Play

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
13MM
Description

Bought 35% JV partner's remaining interest in Maxhamish play in B.C.

Strategic Oil & Gas Ltd., Calgary, (Toronto Venture: SOG) and its partner have closed the acquisition of an additional 35% interest in the Maxhamish play in northeastern British Columbia from an unnamed seller for C$13 million in cash.

Strategic's portion of the acquisition was C$5 million, and it now owns an undivided 38.5% interest in the Maxhamish play. The purchased assets include 21,500 net acres of undeveloped land, seven oil wells representing 60 barrels of oil equivalent per day of production, related facilities and an oil pipeline.

The acquisition terminates the farmout agreement Strategic had with the unnamed seller, resulting in an increased working interest of the more than 85 gross sections of land on the property. Strategic now has more than 26,000 net acres in the Maxhamish area.

The effective date is Aug. 1.