Canada-based oil and gas company Long Run Exploration will acquire oil and gas assets and associated infrastructure in the Edmonton and Peace River areas for approximately $55m.

The assets include around 133 net sections of land including 35,000 net hectares of drilling rights located near company’s Peace River Montney and Edmonton Viking operations. The acquired properties produced around 1,500 barrels of oil equivalent (boe) a day in July, including around 60% light crude oil and natural gas liquids.

Long Run also signed an agreement to sell heavy oil and shallow gas properties in Saskatchewan, for approximately $13m. Production of around 300 boe a day was sold.

Long Run plans to produce around 25,300 boe a day in the third quarter of 2013, which expects to hold around 53% oil and NGLs.

The company plans to strengthen its core areas by selling some assets and acquiring additional assets where it can leverage its horizontal drilling and multi-stage technology to achieve operational efficiency.

It will conduct horizontal drilling complemented by EOR through water injection at Montney oil field in Normandville and Girouxville.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

It also intends to add around 150 development drilling locations to its current inventory in the Viking play area to increase production.

The company has produced around 80 barrels of light oil a day from each of two wells in the Provost area, which is located to the southeast of Redwater. It plans to drill the additional two wells in the fourth quarter of 2013 to further validate the Provost Viking trend.

Nri