Petrolia Energy Corp. acquired a 25% working interest in oil- and gas-producing properties in southwest Saskatchewan and eastern Alberta.
The assets are located in the Luseland, Hearts Hill and Cuthbert fields. Petrolia acquired working interests in 64 land sections, or about 41,526 acres, with 240 oil-producing wells and 12 natural gas-producing wells, as well as idle wells with potential for reactivation and about 21,760 acres of undeveloped land, according to a July 6 news release.
The properties also had an average total production of about 1,290 barrels of oil equivalent per day for the past five months, composed of 1,222 bbl/d of oil and 68 boe/d of natural gas. The 25% interest would net about 322 boe/d.
Petrolia is an exploration and production company whose core assets are in the Northwest Shelf of the Permian Basin in New Mexico, with operations in Oklahoma, Saskatchewan and Alberta.