Irvine Energy buys up US oil & gas leases
Thursday, January 10, 2008
AIM-listed oil and gas explorer Irvine Energy, has bought up a 50% working interest in a further 27,337.2 gross acres of oil and gas exploration and production leases in Oklahoma in a deal worth US$5.5 million (£2.8 million) and unsecured loan notes of US$4 million.
The transaction completes Irvine's acquisition of oil and gas assets from its US partner Metro Energy announced in July 2007, which was subject to due diligence and arrangement of necessary finance.
The latest leasehold acquisition follows those announced in late last year and brings the company's total portfolio of oil and gas exploration and production leases to 167,000 gross acres across Kansas and Oklahoma.
Irvine managing director Aaron Close said: “The deal with Metro has enabled us to rapidly accelerate our development, expand our land position, and provides us with low cost oil and gas production and exploration targets within highly prospective and proven oil and gas regions.”
He added: “This is a very positive beginning to 2008 especially as we have reached all our current acquisition targets on schedule and entered the production phase of our development.”
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