Texas Acquisitions Signal Transformation

Source Press Release
Company American Patriot Oil & Gas LimitedExxonMobilFoothills Resources Inc 
Tags Equity Financing, Financing, Corporate Deals, Asset Deals, Deals, Shale Oil, Shale Gas, Eagle Ford, Unconventional Resources, Upstream Activities
Date July 24, 2018

American Patriot Oil and Gas Ltd (ASX:AOW) (“American Patriot” or “the Company”) has signed two separate acquisition deals for oil and gas assets in Texas that will significantly increase the Company’s EBITDA for the 2019 calendar year based on company financial modelling.

The acquisitions of the Foothills Resources Inc and Magnolia/Burnett assets will provide a total of 450boepd net of producing oil and gas assets, delivering an additional 5.6 million barrels of oil equivalent 2P reserves (90% oil) (4 million 1P proven reserves) certified by independent reserve reports.

The acquisitions combined with the previously announced Peak Energy (East Texas) deal will deliver in total 550 net boepd of production and 6.5 million barrels of oil equivalent.

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Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd