Twin Butte Energy has bought conventional heavy oil-producing assets primarily in the Frog Lake area of North Eastern Alberta, Canada, for $19.5m.
The assets, which include wells and associated production facilities, are producing 500 barrels of oil per day.
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The acquisition covers 10.2 gross sections of crown land and operated production in the Frog Lake area adjacent to Twin Butte’s existing Frog Lake operations.
The land is covered by 3D seismic data, which is included in the acquisition.
Twin Butte’s production has grown from 1,100boe per day to over 2,600boe per day in its current development drilling.
Acquired fluid handling and water disposal infrastructure will also aid the firm’s ongoing cost-reduction strategy at Frog Lake.
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By GlobalData
