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/EIN News/ CALGARY, Alberta, Feb. 10, 2021 (GLOBE NEWSWIRE)
(PIPE – TSX) Pipestone Energy Corp. (
“Pipestone” or the
“Company”) is pleased to provide an update on its production and operations, as well as report its year-end 2020 independent reserves evaluation prepared by McDaniel & Associates Consultants Ltd. (“
McDaniel”) with an effective date of December 31, 2020 (the “
McDaniel Report”).
Since inception, Pipestone has continued to demonstrate leadership in combining capital cost efficiencies with highly productive wells in the condensate-rich Alberta Montney play. This is reflected in the past year’s significant growth in reserve volumes and continued reduction in future development costs (“
FDC”).
Production & Facilities:
· Two operated oil fields in Wyoming, USA at start of their 40+ year life
· ROI over 50% with $2.18/bbl acquisition cost vs a value of $7.52/bbl at NPV (10%)
Calgary, Canada; London, United Kingdom; December 16, 2020 - Canadian Overseas Petroleum Limited ( COPL or the Company ) (XOP: CSE) & (COPL: LSE), an international oil and gas exploration and development company, today announces that it has agreed to acquire Atomic Oil & Gas LLC ( Atomic ) for a consideration of US$54 million consisting of assumed debt, cash and shares. This strategic acquisition would represent a step change in the capacity and revenue generating opportunities open to the Company. COPL expects to complete the acquisition by January 31, 2021, with a long stop date in the agreement of 90 days from execution. The effective date of the transaction is December 1, 2020.