Petrolia Energy Corp. of Houston acquired a 25% working interest in the Luseland, Hearts Hill, and Cuthbert fields in southwestern Saskatchewan and eastern Alberta. The operator is Georox Resources Inc. of Calgary.
The acquisition involves interests in 64 sections (41,526 acres) with 240 oil and 12 natural gas wells already producing. Several idle wells offer potential for reactivation, and there are 34 sections of undeveloped land (21,760 acres).
In the last 5 months, the wells produced an average aggregate of 1,222 b/d of oil and 68 boe/d of gas.
Petrolia believes the assets could benefit from water flooding, numerous reactivations, and infill drilling opportunities.
Zel C. Khan, Petrolia chief executive officer and president, said, “With the implementation of new technology and modern methodology, we believe production and life expectancy can be dramatically increased.”
Petrolia Energy is an exploration, production, and service company with producing and prospective onshore US, Canada, and Indonesian assets. Its core asset is the Permian basin in New Mexico. Earlier this year, Petrolia Energy set up Petrolia Canada Corp. after it acquired Bow Energy Ltd.
