Key Developments: VAALCO Energy Inc (EGY)
6.15USD
23 May 2013
$-0.02 (-0.32%)
$6.17
$6.12
$6.23
$6.07
390,117
473,707
$9.60
$6.07
Latest Key Developments (Source: Significant Developments)
VAALCO Energy, Inc. Completes Purchase of Bakken Acreage at Poplar Dome, Montana From Magellan Petroleum Corporation
VAALCO Energy, Inc. announced that the Company has entered into a definitive agreement with Magellan Petroleum Corporation to acquire and develop an operating working interest in approximately 23,000 net mineral acres of oil, gas and mineral leases covering the Bakken and deeper formations in the East Poplar Unit and the Northwest Poplar Field in Roosevelt County, Montana (Poplar Field). Under the terms of the agreement, VAALCO has paid Magellan $5 million and committed to spend approximately $15 million to drill three wells. VAALCO has agreed to drill three wells to the Bakken formation and to formations below the Bakken (Deep Intervals) in the Poplar Field. All three wells will be drilled by the end of 2012 and one well will be drilled on or before June 1, 2012. Of these, one well will be drilled horizontally to test the Bakken Formation, one well will be drilled vertically to test the Red River Formation, and the third will be targeted at VAALCO's discretion. Under the terms of the definitive agreement, VAALCO will have a 65% working interest in the Bakken and Deep Intervals within the Poplar Field. Full Article
VAALCO Energy, Inc. Signs Letter Of Intent To Purchase Additional Bakken Acreage With Magellan Petroleum Corporation
VAALCO Energy, Inc. announced the signing of a letter of intent with Magellan Petroleum Corporation to acquire and develop an operating working interest in approximately 23,000 net mineral acres of oil, gas and mineral leases covering the Bakken and deeper formations in the East Poplar Unit and the Northwest Poplar Field in Roosevelt County, Montana (the Poplar Field). VAALCO expects to complete the transaction during the next sixty days. Under the terms of the acquisition, VAALCO expects to acquire a 65% working interest in the Bakken and deeper rights of the Poplar Field. VAALCO will operate its deep rights in the subject acreage in return for cash consideration at closing and its funding of 100% of the cost to drill three wells by the end of 2012, including one well by June 1, 2012, at a cost to VAALCO of approximately $5 million per well. Magellan will retain its current ownership for all formations above the Bakken, including the producing Charles and Tyler formations and will retain the remaining 35% of the Bakken and deeper rights in partnership with VAALCO. Full Article
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