"CALGARY, July 15 /CNW/ - Antler Creek Energy Corp. ("Antler Creek" or the "Company") is pleased to announce it has entered into three strategic asset acquisition agreements for an aggregate purchase price of $17.9 million, all of which are located in the Company's greater Red Earth core focus area. The acquisitions will be funded by available cash on hand and are all anticipated to be closed by July 15, 2010.
In total, the Company is acquiring 21,627 gross acres (13,150 net acres) of land located in the heart of the emerging Slave Point formation tight oil play. The assets bring over 50 net low-risk Slave Point horizontal drilling locations along with approximately 70 bbls/d of light oil production and associated producing infrastructure.
The assets are consistent with the Company's strategy of focusing capital on top tier light oil resource style plays in the provinces of Alberta and Saskatchewan, using its considerable in-house technical experience to aggressively exploit the significant upside with latest multi-stage fracturing technology..."
No one seems to have made any headway with this play in the last 6 months and suprisingly Enerplus is divesting its Greater Red Earth holdings. It'll be interesting to see if Antler Creek can frac this succesfully.
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