Crew Energy Expands Holdings In BC Peace

The Calgary Herald reports that in deals announced yesterday, the company confirmed the purchase, of nearly 20 thousand hectares of Montney lands, from two unidentified parties, for 105 million dollars. 

The report says the properties, either involves adding, to its working interest, in certain assets,  or they’re located, next to 100 thousand net hectares, where Crew already holds the drilling rights.

It says the additional assets have a daily production, of 14 hundred barrels of oil equivalent per day—which are 98 percent gas. 

The Alberta sale involves DeepBasin assets, which produce about six thousand barrels of oil equivalent per day—which are 75 percent natural gas.

Compensation for this deal also includes, Lloydminster area lands, which produce 400 barrels, of heavy oil per day, and in addition to that, 222 million dollars. 

The announcement was followed this morning, by a jump in Crew Energy stock, from less than ten dollars a share, to more than eleven and half.