Raging River nears $300 million in Saskatchewan Viking oil acquisitions over the last year
Raging River nears $300 million in Viking acquisitions over the last year
By Deborah Jaremko
Nov. 29, 2016, 2:29 p.m.
Junior Raging River Exploration has done a deal to expand its position in the Saskatchewan Viking light oil play for the third time in twelve months.
This brings the company’s total spend to expand through acquisition in the Viking play since December 2015 to $293 million.
The latest is a $58-million consolidation transaction that gives Raging River 620 boe/d of production and 24 net sections of land.
The deal includes wells and facilities in Raging River’s core Kerrobert and Lucky Hills producing areas. It also includes a strategic natural gas processing facility and associated pipeline network that will enable expansion of Kerrobert production.
In July, Raging River closed its acquisition of Rock Energy, a $109-million transaction with 2,550 boe/d and 25 net sections.
In December 2015 the company closed its $126-million acquisition of Anegada Energy, with 2,750 boe/d of average production, 50 net sections and 280 net drilling locations on Viking land.
In the third quarter of 2016 Raging River achieved average quarterly production of 18,612 boe/d, with an operating netback of $30.93/boe.