Quattro Closes Purchase of Albertan Oil and Gas Assets

Quattro Exploration and Production Ltd. (TSXV:QXP) announced that it has closed the acquisition of a number of oil and gas assets located in Central Alberta. The purchase is part of Quattro’s strategy of focusing on high-quality conventional oil and gas assets in Canada.

As quoted in the press release:

The heavy oil properties consist of a 100% interest in 28,800 acres, which, through independent engineering, has been estimated to have 303 million bbls., of oil in place, with the company estimating 21 million bbls., initially recoverable based on historic recovery rates in the region of 7%. Quattro is the named operator for Phase 1 of the development program which includes the reactivation and optimization of the current production of 80 boe/d and the further drilling of 4 development wells. As part of the private company’s participation, Quattro has also received preliminary approval and financial guarantees for the funding by the private company of its 80% interest in Phase 1, which is scheduled to commence before the end of 2012. The design and optimization of the drilling program is expected to be completed in November of 2012 with drilling to be completed before the end of the first quarter of 2013.

Click here to read the full Quattro Exploration and Production Ltd. (TSXV:QXP) press release.