Cimarron Petroleum Ltd. enters into merger.CALGARY, Alberta--(BUSINESS WIRE)--Nov. 11, 1996--Cimarron (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CIR (Committed Information Rate) In a frame relay network, the average transmission rate in bits per second (typically Kbps) for a virtual circuit. It defines the maximum rate that the network can handle under normal conditions. .) Cimarron Petroleum Ltd. announces that it has entered into purchase and sale agreements for the shares of three private companies and assets of two private companies in one transaction. The companies had overlapping share and/or asset ownerships. The acquisition represents current production of approximately 500 bbl/d of oil (15 deg Deg degeneration. deg or deg. abbr. degree . API (Application Programming Interface) A language and message format used by an application program to communicate with the operating system or some other control program such as a database management system (DBMS) or communications protocol. ) and 1.5 mmcf/d of natural gas reserves of approximately 1.8 mmbbl of oil and 12 bcf of gas. The properties are all in South Western Saskatchewan producing primarily from the Bakken sand in the Hoosier/Milton area. As part of the purchase Cimarron acquired 11 square miles A square mil is a unit of area, equal to the area of a square with sides of length one mil. A mil is one thousandth of an international inch. This unit of area is usually used in specifying the area of the cross section of a wire or cable. of 3-D and 250 miles of 2-D seismic data. Identified on this seismic are 20 plus drilling locations on the 13,680 net undeveloped acres of acquired lands. Most likely active drilling in the area will commence in first quarter of 1997. The purchase price of the acquisition was $15.4 million and will be funded from cash flow and debt. CONTACT: Cimarron Petroleum Ltd., Calgary Randy Pawliw and Kerry Lyons, 403/265-8900 403/266-2780 (FAX) |
|
|||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion