Spruce Ridge Acquires Oil And Gas Wells From Repsol Canada Energy Partnership

Spruce Ridge Resources Ltd. (TSXV: SHL) Friday announced that it has agreed to purchase oil and gas facilities within the Unity area of SW Saskatchewan from Repsol Canada Energy Partnership. The purchase includes 793 ha of natural gas and petroleum rights from the base to the surface of the Mannville Group. The deal carries an average working interest of 84%.

Included in the purchase are heavy oil facilities, pipelines, 5 active oil wells, 10 suspended oil and gas wells, and an active produced water disposal well. The agreement comes with a price tag of $50,000 cash and certain overriding royalties on the production of petroleum material. The price tag takes into account Spruce Ridge’s responsibility for environmental liabilities as well.

Production at the oil and gas wells comes primarily from the McLaren Formation in the Cretaceous Mannville Group, with production occuring at a depth of roughly 660 metres. Net pay of 2 to 4.5 metres is the average in the Salt Lake McLaren pool. The majority of the wells are directional wells with cold, heavy oil production. 

Reportedly, the McLaren pool is well-defined from 3D seismic readings and the property has noteworthy undeveloped resource potential.

Spruce Ridge Resources Ltd. last traded on the TSX Venture at $0.16.


FULL DISCLOSURE: Spruce Ridge Resources is a former client of Canacom Group, the parent company of The Deep Dive. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.

Video Articles

Is Gold’s Bull Market About to Hit Junior Stocks? | Ken Armstrong – Westhaven Gold

Surge Battery Metals: The Nevada North Lithium PEA

Silver @ $36 & We’re Still 200M Oz Short | Paul Andre Huet – Americas Gold and Silver

Recommended

Goliath Resources Closes Out Funding Round With Total Gross Proceeds Of $27.1 Million

Silver47 Kickstarts 4,000 Metre Drill Campaign At Red Mountain Project

Related News

Spruce Ridge Resources: Corporate Overview

Spruce Ridge Resources Ltd. (TSXV: SHL) is a junior copper explorer whom owns a 100%...

Sunday, January 24, 2021, 05:05:00 PM

Spruce Ridge Announces Hefty Stock Dividend of Canada Nickel Shares to Shareholders

As we previously discussed, Spruce Ridge Resources (TSXV: SHL) has a Record Date on July...

Sunday, June 28, 2020, 06:07:19 PM

Spruce Ridge Resources Announces Special Dividend Of Canada Nickel Shares

Spruce Ridge Resources (TSXV: SHL) is looking to provide its shareholders with a dividend. The...

Tuesday, July 27, 2021, 08:15:04 AM

Copper Hunting In Newfoundland – The Daily Dive feat John Ryan

Today on the Daily Dive, our host Cassandra Leah is joined by John Ryan, CEO...

Friday, November 20, 2020, 01:00:00 PM

Spruce Ridge: Examining The Sum Of The Parts

Spruce Ridge Resources (TSXV: SHL) as of late has been trading relatively flat, staying within...

Sunday, October 18, 2020, 01:53:00 PM