Canamax, Powder Mountain Close Business Combination

Canamax Energy Ltd. said July 30 it completed the acquisition of Calgary, Alberta's Powder Mountain Energy Ltd. for $20.8 million. Powder has a 100% working interest in 5.75 sections in its core Hardy Bakken area in Southeast Saskatchewan. Current area production is about 100 barrels per day of...

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Bibliographic Details
Published inA&D Watch Vol. 30; p. 50
Format Trade Publication Article
LanguageEnglish
Published Houston Hart Energy 01.09.2015
Subjects
Acquisitions & mergers
Oil exploration
Petroleum industry
Stockholders
Canada
Calgary Alberta Canada
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Summary:Canamax Energy Ltd. said July 30 it completed the acquisition of Calgary, Alberta's Powder Mountain Energy Ltd. for $20.8 million. Powder has a 100% working interest in 5.75 sections in its core Hardy Bakken area in Southeast Saskatchewan. Current area production is about 100 barrels per day of light Bakken oil from two recently drilled horizontal wells. Additionally, Powder has a 100% working interest in 42.5 primarily contiguous sections in the Coteau Lake area, also in Southeast Saskatchewan. Coteau Lake is prospective for Bakken and Torquay light oil.
ISSN:1940-8471
1940-848X