Irvine Energy completes Bearden Prospect acquisition
Thursday, November 08, 2007
Irvine Energy, the AIM listed oil and gas exploration company, has completed the acquisition of a 50% working interest in 4,167 acres of oil and gas leases in Oklahoma, USA, known as the Bearden Prospect Area, for a consideration of US$625,000 (£297 000).
The Bearden Prospect Area forms part of the Oklahoma oil and gas assets that Irvine contracted to buy from Metro Energy in July this year, subject to due diligence and arrangement of necessary finance.
Irvine managing director, Aaron Close, said: “We are pleased to have completed the acquisition of the Bearden acreage, which is in an area attracting strong leasing activity, given its multiple conventional reservoirs and stacked oil pays. Work continues on the development of our portfolio, which now comprises over120,000 gross acres across Kansas and Oklahoma, and we look forward to providing an update on the positive progress made in the near future.”
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