Border Petroleum Closes Proposed Property Acquisition in Alberta

Border Petroleum Inc. has announced the closing of its previously announced proposed acquisition of certain petroleum and natural gas properties from Royal Quest Resources Ltd., a private company. Pursuant to the Acquisition, Border acquired certain producing petroleum and natural gas assets located in Cardiff, Cherhill, Lloydminster and Norris, Alberta, for a cash purchase price which was adjusted at closing, to be approximately $1,300,000.

Royal Quest Properties

The Norris property is located in Township 53, Range 18 West of the 4th Meridian, Northwest of Edmonton, Alberta with various operated working interests. The property consists of two operated producing oil wells, five infill oil drilling locations, and 1,040 net acres of land.

The Cherhill property is located in Township 56, Range 4 West of the 4th Meridian, North of Edmonton, Alberta and consists of a 37.5% operated working interest. The property consists of one producing gas well and 640 net acres of land.

The Cardiff property is located in Township 55, Range 1 West of the 4th Meridian, East of Edmonton, Alberta and consists of a 100% working interest. The property consists of one producing oil well and 40 acres of land.

The Lloyd property is located in Township 49, Range 1 West of the 4th Meridian, East of Edmonton, Alberta and consists of a 90% operated working interest. The property consists of two operated producing oil wells, two infill oil drilling locations, and 120 net acres of land.
 

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