Bonanza Oil & Gas has announced an agreement to acquire several producing properties. The properties are Dorman, Jansen, Needville and Kansas properties for 1.6 mm shares. These properties have 12 wells and 7 PUDS with production and documented reserves.
The acquisitions include: the oil, gas and mineral leasehold interests, the wells, oil and gas production equipment, tanks, improvements, structures, facilities, pipelines, personal property, equipment, and all appurtenant contracts, rights, easements, privileges and agreements. The final acquisition of these properties is expected to close in July.
Chief Engineer Kurt Mire explained, "The properties have all the characteristics and potential we look for in a prospect. This is consistent with our strategy of increasing production through acquisition and the further development of existing fields."
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