Tenth Avenue Petroleum Corp. (TSXV:TPC) announced in a press release today that it has signed a non-binding Letter of Intent to acquire approximately 82 boe/d (492 mcf/d) of low decline, long-life producing natural gas assets located northeast of Brooks, Alberta from an arm’s length party.
The acquisition will increase production by 88%, adding 82 boe/d, including 492 mcf/d of natural gas, while integrating without additional administrative costs. It strengthens the company’s low-decline production base, with an annual decline of 8% and long-life proved reserves. Additionally, the acquisition expands the operating area in Southern Alberta, adding 32.23 gross sections of contiguous land for multi-zone development and exploration.
Shares were trading up in late morning trade.
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