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Tuesday, 14 October, 2008, 18:20 GMT | more prices >>

Upper Lake bought by Monterrey for $26m


News wires

Calgary-based Upper Lake Oil & Gas has agreed to be taken over by privately held Canadian Monterey Exploration for C$26 million (US$26 million) plus C$6 million in assumed debt owed by Upper Lake.

The deal will result in a combination creating a bulkier northeast British Columbia-focused, natural-gas-weighted producer.

Upper Lake’s current production is 800 barrels of oil equivalent per day.

The combined company, led by Monterey's management team will have production of 2400 boepd, 80% gas, and proved and probable reserves totalling 8.3 million boe, said the Canadian Press.

It also will have 90,000 net acres (364 square kilometres) of undeveloped land, almost entirely in northeast BC with a strong position in the Montney play.


Thursday, 03 July, 2008, 15:53 GMT  | last updated: Thursday, 03 July, 2008, 15:53 GMT
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New buy: Upper Lake is taken over by Monterey Exploration
 

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