American Patriot Oil and Gas - 10 Fold Production Increase to 300 Boepd

Source Press Release
Company American Patriot Oil & Gas Inc. 
Tags Asset Deals, Deals, Shale Oil, Shale Gas, Haynesville-Bossier, Unconventional Resources, Upstream Activities
Date October 15, 2018

American Patriot Oil and Gas Ltd (“AOW”) ”) is pleased to update the market on the transformative transactions closing this week. The various transactions have materially improved the long term prospects of the company, setting AOW up to become a leading US based Oil & Gas producer.

Key highlights of these actions are:

  • Completed Peak Energy (East Texas) and Magnolia & Burnett Acquisitions
  • Additional funding provided by Vertua Limited (NSX: VERA) to enable early completion on above assets
  • Transactions result in additional 270 net boepd, with an additional 1.9 million barrels of 1P oil and gas reserves, taking total production to 300bopd (from 30boepd currently)
  • At current oil prices this delivers operating revenue of USD$5m revenue (AUD $7.1m) and a projected EBITDA of USD$3m (AUD$4.3m) in 2019
  • Update on Foothills settlement & associated funding
  • Fully underwritten rights issue complete

Click here to view the full announcement.

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd