Western Global Oil to Acquire 18 Oklahoma Wells.
M2 EQUITYBITES-December 8, 2017-Western Global Oil to Acquire 18 Oklahoma Wells
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8 December 2017 - California, US-based oil and gas production company Western Global Oil has pledged to purchase 18 Oklahoma, US-based wells in Kingfisher County, the company said.
Terms of the transaction were not disclosed.
Oklahoma's Payne, Woods and Kay counties, also carry potential wells for Western Global Oil's future. These counties, which inhabit 34 wells, produce 658 BOPD (barrels of production per day) and all wells are less than six years old.
Western Oil said the company has studied and calculated for future growth on multiple properties, and feels the potential for producing income on these properties will continue to grow for the next 20 years and beyond.
Arkoma and Anadarko Basins, which hold large amounts of oil and gas, are the main focus of Western Global Oil. Basins like Granite Wash, Cana Woodford, Mississippian, Hunton, Springer, Stack, and Scoop, have also been taken into consideration.
Future purchases include a range of properties with production as low as 5 BOPD, and acreage as low as 200 acres. Oklahoma continues to provide lucrative opportunities.
The main focus is finding reliable properties and providing for potential capital partners.
Western Global said its goal is to generate maximum cash flow after acquiring and managing oil and gas properties. Additionally, the company will capitalise on current producing conventional oil and gas assets in the Mid-Continent oil field.
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|Publication:||M2 EquityBites (EQB)|
|Date:||Dec 8, 2017|
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