Trio Petroleum acquires 24 Lloydminster oil wells for CDN$800,000, transfers water disposal asset to Marlin Resources
TPET•TPET•TPET•TPET•Trio Petroleum acquired 24 oil wells in Saskatchewan from Marlin Resources for CDN$800,000 and transferred a water disposal asset to Marlin. The wells produce about 37 barrels per day, and planned workovers and a proposed new well have budgets of CDN$425,000 and CDN$1.2 million, respectively.
Trio Petroleum acquired 24 Lloydminster-area oil wells in Saskatchewan from Marlin Resources, including four producing wells. Current output is about 37 barrels of oil per day, while 20 wells are shut in and slated for planned workovers. The consideration was CDN$800,000 in cash plus transfer of an underutilized water disposal asset to Marlin; Trio also proposed a Cummings multilateral well budgeted at CDN$1.2 million and a CDN$425,000 workover, reactivation and recompletion program, expected to be funded from cash on hand.
