Quad Energy will acquire a 50% working interest in Luxur Resources as part of a new deal.
The working interest covers a total of 11,360 acres of long-term gas production in the south-east corner of Alberta, Canada.
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In addition to the large land holdings, the company has 30.21km of 6in and 8in production lines running through its properties and 7.53km of 4in tie-in lines.
Luxur Resources also has a total of nine gas wells drilled within the last five years and unproven potential reserves of 2bcf per section.
Quad is carrying out due diligence and will later announce the signing of a definitive agreement.
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By GlobalData
