UPDATE: Quattro Exploration Closes Acquisition of Alberta Oil and Gas Fields; Stocks Climb 13%
Quattro Exploration and Production Ltd. (QXP.V) has closed the acquisition, for the purchase of certain oil and gas assets located in Central Alberta.
The heavy oil properties consist of a 100% interest in 28,800 acres, which, through independent engineering, has been estimated to have 303 million bbls., of oil in place, with the company estimating 21 million bbls., initially recoverable based on historic recovery rates in the region of 7%.
QXP has climbed 13% to $0.085 but is still well below year high 25 cents.
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