Russia

By OGJ editors
HOUSTON, Jan. 12 – A private Russian investor has purchased the 51% interest of Lundin Petroleum AB, Stockholm, in an oil field in the Kalmykia Republic near the Caspian Sea northwestern shore.

Sale of the interest in CJSC Kalmeastern, which held the production license to Kaspiskoye field, included Lundin Petroleum’s 50% interest in a related rail terminal at Ulan Khol.

Consideration is $500,000. Prior to the sale, the field was producing 280 b/d of oil net to Lundin Petroleum. Proven and probable reserves were 3 million bbl net at the end of 2008.