UPDATE: Portal Resources Edges Up as Adds to Core Area Holdings in West Central Saskatchewan
Portal Resources Ltd. (PDO.V) announced that it has signed a Purchase and Sale Agreement for the acquisition of production and assets from an intermediate NYSE listed oil producer for $9.1 million. The assets are located in West Central Saskatchewan and produced 365 boe/day during the month of August. The effective date of the transaction is August 1, 2011.
The acquisition includes a 100% working interest in 19 sections (13,340 acres) of land, two sections (1,280 acres) of gross overriding royalty lands, approximately 20 sections of proprietary 3D seismic and 125 line km of proprietary 2D seismic. There are 38 wellbores on the property. Oil is produced to single well batteries (tanks) and natural gas production (non-associated) is tied into approximately 30 km of natural gas pipeline and infrastructure included in the transaction.
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