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Northcote Energy Sells Working Interest in Oklahoma Oil Play.

MANews-(C)2009-2015

29 June 2015 - UK-based Northcote Energy (AIM: NCT) has sold its 100% working interest in the East Blackwell Skinner Sand Unit in Kay County, Oklahoma to a private party for USD 75,000 in cash, the company said on Monday.

East Blackwell has historically contributed approximately two barrels of oil gross per day. Taken together with the cash flow received from the property during Northcote's ownership, the company has approximately broken even on the investment.

Northcote Energy combines a portfolio of US exploration and production assets in Louisiana and Oklahoma with the development of new business opportunities in the US and also in Mexico.

The company has a participation agreement with MX Oil PLC, an agreement with Gaia Ecologica in Mexico, as well as a strategic relationship with CEB Resources in Indonesia.

Country: USA

Sector: Petroleum/Natural Gas/Coal

Target: Working interest in the East Blackwell Skinner Sand Unit in Kay County, Oklahoma

Buyer:

Vendor: Northcote Energy

Deal size in USD: 75,000

Type: Divestment

Financing: Cash

Status: Closed

Buyer advisor: , ,

Comment:

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Publication:M & A Navigator
Geographic Code:1U7OK
Date:Jun 29, 2015
Words:175
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