Junex, Cuda merging, acquiring PRB assets

June 12, 2018
Junex Inc., Quebec City, and privately held Cuda Energy Inc., Calgary, have agreed to merge in a deal related to the acquisition of a 27.75% interest in 25,000 gross acres in the Barron Flats (Deep) Unit in Wyoming.  

Junex Inc., Quebec City, and privately held Cuda Energy Inc., Calgary, have agreed to merge in a deal related to the acquisition of a 27.75% interest in 25,000 gross acres in the Barron Flats (Deep) Unit in Wyoming.

The surviving company will be named Cuda Oil & Gas Inc., led by Pres. and Chief Executive Officer R. Glenn Dawson and Chief Operating Officer Terry Schneider, both now of Cuda Energy.

The surviving company will have production capacity of 1,200 boe/d of oil and natural gas, of which 40% is oil and liquids, and proved reserves of 3 million boe.

Ownership shares after consolidation will be 46.1% Junex, 43.4% Cuda Energy, and 10.5% principals of the unidentified seller of the Wyoming properties.

Gross production from the Powder River basin assets is about 1,000 boe/d of oil and gas, of which 92% is light oil.