JonnyRBuck12
15 years ago
WPP Acquires new wells
Symbol WPP
Shares Issued 32,137,274
Close 2010-05-17 C$ 0.14
Recent Sedar Documents
Western Plains signs LOI to acquire heavy-oil interests
2010-05-18 15:01 MT - News Release
Mr. David Forrest reports
WESTERN PLAINS PETROLEUM ENTERS LETTER OF INTENT TO ACQUIRE LLOYDMINSTER HEAVY OIL INTERESTS FOR $1.5 MILLION
Western Plains Petroleum Ltd. has entered into a non-binding letter agreement with two private oil and gas companies, Corlac Resources Ltd. and Brahma Resources Ltd., to acquire a 100-per-cent working interest in certain jointly held petroleum and natural gas rights located in the Lloydminster area of Saskatchewan for a purchase price of $1.5-million, subject to standard industry adjustments. The Transaction is expected to close on or about June 18, 2010, with an effective date of May 1, 2010.
The Company has reserved 10,000,000 common shares ("Common Shares"), at a price of $0.15 per share, as the consideration for the $1.5 million purchase price. These Common Shares are intended to be issued and allocated as to 5,000,000 Common Shares each to Corlac and Brahma at closing of the Transaction.
The Transaction contemplates Western Plains acquiring Corlac/Brahma's jointly held 100% interest in 920 gross acres (920 net acres) of land in the Lloydminster area containing two active wells, located at 13-06-51-25 W3M and 14-32-48-22 W3M, 10 shut-in wells and three identified drilling locations, for a total of 12 gross wells (12 net wells). The Assets were evaluated by the independent engineering firm of Chapman Petroleum Engineering Ltd. ("Chapman") in a report prepared for Brahma Resources Ltd. entitled Reserve and Economic Evaluation Certain Heavy Oil Interests Lloydminster Area Saskatchewan, effective March 1, 2010, dated April 28, 2010 (the "Chapman Report"), in accordance with the rules under National Instrument Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). The Chapman Report has been prepared in accordance with the standards contained in the Canadian Oil and Gas Evaluation Handbook and the reserve definitions contained in NI51-101.
Western Plains has called its annual general and special meeting for June 18, 2010 to seek shareholder approval for, among other matters, the Transaction in accordance with the Exchange's policies. The votes of Mr. David Forrest, President and CEO of the Company, who is also the President and CEO of Brahma, who hold 35.6% of the outstanding Common Shares, will not be included in the calculation of shareholder approval sought for the Transaction at the annual general and special shareholders' meeting.
The Transaction will enhance the Company's presence in the Lloydminster Alberta/Saskatchewan area by increasing the number of producing wells to 8 gross (8 net) wells and its inventory of shut-in wells with re-entry and re-activation potential to 13 gross (13 net) wells. Currently, the Company holds interests in 6 gross (6 net) producing wells and 3 gross (3 net) shut-in wells in the Lloydminster, Alberta area.
JonnyRBuck12
15 years ago
Western Plains Petroleum Ltd
Symbol WPP
Shares Issued 32,137,274
Close 2010-02-23 C$ 0.15
Recent Sedar Documents
Western Plains to buy Maidstone oil and gas rights
2010-02-24 14:43 MT - News Release
Mr. David Forrest reports
WESTERN PLAINS PETROLEUM TO ACQUIRE MAIDSTONE INTERESTS
Western Plains Petroleum Ltd. has entered into an agreement to acquire 100 per-cent working interest in petroleum and natural gas rights located at the W/2 of 25-23-48 W3M, located in the Maidstone area of western Saskatchewan, from a private non-arm's-length oil and gas company for a cash purchase price of $30,000. There is a history of heavy oil production from this block and the company is negotiating with an operator in the area to acquire two shut-in wells also located on these properties.
The proceeds for this acquisition will be provided from working capital. Closing of the acquisition is expected to occur this week, subject to normal industry conditions and the approval of the TSX Venture Exchange.
We seek Safe Harbor.
With this acquisition, WPP now has 4 wells to reactivate and 1 well to reshoot. Production could double once all of these wells are done.
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