ABN: 96 009 217 154
Announcement to ASX | 26 March 2021 |
Settlement of Red Earth Oil Production Asset Acquisition
Xstate Resources (ASX:XST ("Xstate" or "the Company") is pleased to advise that it has settled the acquisition of a 25% interest in the Red Earth oil producing assets in Canada, acquired from Blue Sky Resources Limited (Blue Sky).
Red Earth Assets
Level 1, 31 Cliff Street, Fremantle WA 6959 | Tel + 61 8 9435 3200 | Fax +61 8 6444 7408 | www.xstate.com.au
ABN: 96 009 217 154
As reported in the ASX release dated 20 November 2020, the Red Earth assets consists of 6 oilfields and associated infrastructure, located 450 km north of Edmonton. At the date of closing the fields were producing 1070 BOEPD (gross), of which XST's share is 268 BOEPD (net).
Xstate Managing Director, David McArthur commented: We are pleased to have completed the acquisition and look forward to significantly increasing production. We note that the price of WTI oil has risen from US$42.40 to US$60.00 over time period from acquisition announcement to settlement, making this an extremely valuable purchase."
This release is authorised by the board of the company.
David McArthur Managing Director +61 8 9435 3200
About Xstate Resources Limited
Xstate Resources (ASX Code: XST) is an ASX listed company focused on the oil and gas sector. The Company has existing assets located in the Sacramento Basin in California and associated production interests together with production interests in Alberta Canada. Xstate is presently pursuing new opportunities in the oil and gas sector in North America.
Level 1, 31 Cliff Street, Fremantle WA 6959 | Tel + 61 8 9435 3200 | Fax +61 8 6444 7408 | www.xstate.com.au
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Xstate Resources Limited published this content on 26 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 April 2021 17:29:00 UTC.