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Petrus Inks Cardium Acreage Swap; Plans Three Wells for 1H16
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Petrus Resources Ltd. has entered into a letter of intent with an industry partner to swap developed and undeveloped land, production, and facilities interests in the Ferrier and Foothills areas of Alberta effective January 1, 2016 subject to customary closing conditions.
Petrus will acquire approximately 400 Boe/d and an average of approximately 40% working interest in 8 sections of predominantly undeveloped land in its Ferrier core area. Petrus estimates that it will acquire approximately 15 gross / 6 net undeveloped liquids-rich Cardium horizontal drilling locations.
Petrus will dispose of non-core assets of approximately 250 Boe/d, associated land, and a 19.56% WI in the Hanlan-Robb gas plant and will retain the ability to process its remaining production volumes at cost through the…
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