White Tundra Petroleum Announces Acquisition of Oil & Gas Properties in Provost and Wildunn
White Tundra Petroleum Announces Acquisition of Oil & Gas Properties in Provost and Wildunn

Press Release

Nov 7, 2023

White Tundra Petroleum Ltd. is pleased to announce that it has signed a binding purchase and sale agreement to acquire producing oil and gas properties in Provost and Wildunn with an effective date of July 1, 2023. Closing of the Acquisition is expected in Q4 2023 and is subject to certain customary conditions and regulatory and other approvals, including all necessary approvals of the AER.

The properties comprise of 10,031 net acres with 34 wells, 7 facilities, and 15 pipelines currently producing 60 boe/d (40% liquids) at the Wildunn asset (32° API oil) with an additional 30 boe/d of medium-grade oil (100% liquids) currently behind pipe and awaiting restart at the Provost asset. White Tundra is planning to initiate a comprehensive reactivation plan after closing covering both assets with a further 40-60 boe/d expected at capital efficiencies <$10,000 boe/d. Additionally, a field-wide waterflood/water injection optimization program will commence upon closing on the Provost asset covering the 3 water injectors currently active.

Provost properties consist of 7 distinct Mannville zone pools at 30% porosity with recovery factors ranging from 4-39% and containing 7.4 MMbbls of OOIP. One prolific well in this asset has produced over 300K barrels and still producing 8 bbls/d with multiple other wells each having cumulative production over 100K barrels. Wildunn properties are a continuation of the Craigmyle East Banff play and contain 8.5 MMbbls of OOIP with both an oil portion and gas portion to the asset. 5 active oil wells have all produced >40K barrels with one well having produced 168K barrels and still going strong at 22 boe/d (60% oil). One producer in the gas portion has produced over 1.1 BCF and continues at 13 boe/d (100% gas). PDP decline rate over the 2 assets is 10% with a PDP of 296 MMboe and PDP NPV10 of $5.8MM. The seller has identified 4 drilling locations in the Wildunn asset and White Tundra has internally identified 3 further drilling locations in the Provost asset.

White Tundra’s corporate strategy to assemble smaller pools of under capitalized, undervalued assets with large OOIP and significant reactivation, optimization, and drilling upside is now in progress as this initial acquisition provides strong base cash flow with minimal production decline rates. The corporation is currently performing due diligence on 3 other similar assets as it expands on its business plan and builds out its production base and growth opportunities.

For further information, please contact Shubham Garg, President and Chief Executive Officer at [email protected] or Phil Burry, Chief Operations Officer at [email protected]

Source: White Tundra Petroleum Ltd.

Originally published at https://www.newswire.com/news/white-tundra-petroleum-announces-acquisition-of-oil-gas-properties-in-22166621