RE: The acquisition of Atomic Oil & Gas is set to close on March 15,9 Mar 2021 09:54
“The institutional investors in this placing recognize the quality of the assets we will acquire under the Atomic acquisition and their value to the Company in this time of strengthening global oil prices."
The Atomic acquisition brings producing assets in the US state of Wyoming, the Barron Flats Shannon Unit (57.7% owned by Atomic) and Cole Creek Unit (66.7% owned by Atomic).
Barron Flats produces around 1,400 barrels per day (bpd), up from 200 bpd in 2017, and is forecast to reach a plateau rate of 5,000 bpd gross by 2022.
The Cole Creek asset, meanwhile, is forecast to have a 3,500 bpd plateau by 2026.
Significantly, the fields are at the front end of what’s expected to be a 40+ year operating life.