Perisson Petroleum has finalized its purchase of assets with a final payment of $142,000.
A spokesperson said: “The company has received its first oil and natural gas production and related revenues from these Canadian assets for the months of May and June 2016. Notwithstanding the current low oil and natural gas price environment, the assets generated positive cash flow for both months.
“Additionally, the company has purchased oil and gas rights on one and a quarter sections, approximately 800 acres, 400 net, of land as we continue to expand our land holdings and development opportunities in the company’s core Twining area.”
The takeover consists of approximately 200 boe/d, which is comprised of 70% oil and 30% liquids rich gas with associated facilities .
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