Murphy Oil acquires Canadian assets from Bear Ridge

Murphy Oil Co. Ltd., a wholly owned unit of Murphy Oil Corp., has acquired the interests of Bear Ridge Resources Ltd. for $155 million (Can.).

By OGJ editors
HOUSTON, June 12 -- Murphy Oil Co. Ltd., a wholly owned unit of Murphy Oil Corp., has acquired the interests of Bear Ridge Resources Ltd. for $155 million (Can.). Bear Ridge's assets lie in the Tupper area in British Columbia, an undeveloped Montney natural gas play.

In April Bear Ridge reported the successful drilling and casing of its fifth Tupper Montney test well at a-23-B/93-P-9. This well extended the Tupper Montney reservoir trend to the southwest with "increasing pay thickness," the company said.

The a-23-B well found the thickest pay interval of the company's five wells drilled to date in the area, reconfirming Bear Ridge's geological and geophysical model, which supports an estimated 800 bcf of original gas in place on the company's land block.

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