The purchase price of $2.0 million increases Spitfire's working interest in the property from 48% to a dominant position of 82% and adds 45 barrels of production per day ("bopd"). The Company expects to enhance its operational and capital efficiencies and intends to expand its exploration and development activities in the area.
The acquisition has been financed with an expanded line-of-credit borrowing base of $7.2 million dollars with an additional $1.05MM available for acquisition and proven undeveloped activities.
Spitfire Energy Ltd. is a junior oil and gas company engaged in the exploration for, development, and production of natural gas and crude oil reserves. Spitfire's common shares trade on the TSX Venture Exchange under the symbol "SEL".
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