Deals - Acquisition, Mergers, Divestitures
Pacific Oil Looks to Bolster Lacadena Position; Currently in Deal Discussion
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Pacific Oil Company is in talks with a major energy producer with the goal of purchasing both wells and property boarding its 9600 acre Lacadena Project.
The deal being discussed consists of 11 natural gas wells situated on 3,840 acres of energy rich land.
Ed Loven, Vice president of Pacific Oil, said, "While going through the process of bringing the Lacadena wells back to full production we were presented with the opportunity to expand the project by purchasing the assets located directly beside our project. As a company we are bullish on the long term importance of natural gas and anticipate it being a significant portion of our overall production portfolio. The possibility to increase our natural gas foot print in an area in which we already have resources committed to is an opportunity that that makes sense from both a operational and financial standpoint. Our counter party to the discussions is a major energy producer and our relationship with them is solid. I am confident that a deal can be made in the near future."
The proposed assets are currently going through the control mechanisms that Pacific Oil has in place for all potential acquisitions. Once the due diligence is complete, Pacific Oil will submit a formal offer and update the public.
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