Quattro Exploration and Production Ltd. (TSXV:QXP) announced that they have acquired gas assets that are currently producing 80 Boe/d of oil and gas.
As quoted in the press release:
The acquisition comprises of four production packages, currently producing more than 580 boe/d (of which greater than 30% is oils and liquids), and developed land of approximately 82,395 acres (net), undeveloped lands of 75,220 acres (net) for a total of 157,615 acres (net) in East Central Alberta (the “Acquisition”). Recent production is supported by a September 30th, 2012 Sproule & Associates engineering report showing that the assets produced more than 650 boe/d of production in 2012 of which 230 boe/d were medium to light oil and liquids.
Quattro’s President and CEO, Leonard Van Betuw, said:
We are very pleased this acquisition is proceeding as proposed and we continue to pursue a number of complementary acquisitions with the intention of establishing adequate proven amounts of free cash flow in the first half of 2013 to support the expansion of our operations both in Guatemala and domestically.