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Tallgrass Energy has completed its previously announced acquisition of certain producing Cardium light oil assets in central Alberta, Tallgrass and Anglo Canadian Oil Corp. announced.
This acquisition adds approximately 450 boe/d to its production base for total consideration of $17 million.
Key attributes of the acquisition include: cardium light oil production of approximately 450 boe/d (73% light oil and NGLs); almost 30 net sections of land, of which most are operated; ownership of 9 sq km of 3-D and 102 km of 2-D seismic and access, to the end of January 2013, to an additional approximately 21 sq km (8 sq miles) of 3-D; an independent engineering report stating a 2P reserves value of $27.5 million (2.1 MMboe); and 10 sections of undeveloped Cardium lands having 40 potential net low-risk drilling locations.