Petrolia Energy Corp. has acquired a 25 percent working interest in the Luseland, Hearts Hill, and Cuthbert fields, located in Southwest Saskatchewan and Eastern Alberta, Canada.
The acquisition consists of working interests in a total of 64 sections (approximately 41,526 acres) with 240 oil and 12 natural gas wells producing on the properties. Additionally, there are several idle wells with potential for reactivation and 34 sections of undeveloped land (approximately 21,760 acres). Average aggregate total production/sales from the purchased properties for the last five months was approximately 1,290 barrels of oil per day (boepd) (1,222 boepd of oil and 68 boepd of natural gas) and a 25 percent interest nets approximately 322 boepd.
Petrolia believes there is significant potential in these assets beyond primary recovery through the implementation of water flood/pressure support, as well as numerous reactivations and infill drilling opportunities, in addition to the opportunity to reduce operating expenditures.
