Canadian junior Prairie Provident Resources has agreed to buy conventional oil assets in the Greater Red Earth area of northern Alberta for C$41 million (US$31.3 million).
Prairie Provident plans to expand its existing waterflood programme on the assets, which are "highly complementary" to the company's existing operations at Evi.
Current production on the acquired assets is about 1100 barrels of oil equivalent per day (98% oil), giving Prairie Provident pro forma output of about 6500 boepd (64% oil).
Based
