Pacific Oil Company Submits Bid for 67 Oil Wells in Canada
Pacific Oil Company announce that it has submitted a formal bid to Grant Thorton LLC Trustee for the acquisition of 67 oil wells. The submitted bid is all inclusive and includes all the wells mentioned in Pacific Oil's March 4th press release. The 67 wells are spread over 9 properties all of which are in the Lloydminster / Maidstone area of operation.
Ed Loven, Vice president of Pacific Oil, said, "During the negotiations and due diligence process for our announced Maidstone acquisition it became clear that the best deal on the table was the one in which we bought the whole pie rather than trying to carve out a single piece. By engaging in the less complicated all inclusive transaction we increase our chances of success and decrease the cost we pay per producing barrel. All nine projects in this deal have value. We plan on working the projects in close proximity to existing assets and divesting for profit those assets that would be more valuable to other companies."
Of the 67 wells only 6 are abandoned, 4 are shut in, 1 is a revenue generating water disposal well and the remaining 56 are either producing or are producible.
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