Page 9 - NorthAmOil Week 37 2022

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM August 19 strip pricing. Of the CAD58.3mn “Though this acquisition was on the
closing transaction price, the company smaller side of our capabilities, it has
Kiwetinohk closes Montney estimates acquired facility and undeveloped huge strategic value to Bob and his team,”
land value of approximately CAD30-45mn
continued Bass. “This demonstrates our
consolidation based on facility replacement value and recent alignment with his firm.”
comparable land transactions.
SILVERSTONE ENERGY PARTNERS, September
Kiwetinohk Energy today announced KIWETINOHK ENERGY, September 15, 2022 14, 2022
the closing of its Placid Montney asset
consolidation for an adjusted closing price Silverstone Energy Partners SilverBow Resources
of CAD58.3mn. Kiwetinohk announced the
deal on August 24, 2022, and posted a news announces $5.5mn VPP announces new dry gas
release and updated corporate presentation
on September 14, 2022, providing detailed financing for Craton’s position in the Dorado play
consolidated pro-forma highlights.
As stated in the news release on September acquisition of East Texas of Webb County
14, the Montney acquisition increases the
company’s working interest in the Placid area, producing properties SilverBow Resources today announced the
adding 1,200 boepd of current production, addition of a new acreage block in the Dorado
30 mmcf per day of natural gas and 1,750 Silverstone Energy Partners provided a play of Webb County, Texas. Through a series
bpd of condensate plant processing capacity, volumetric production payment financing of transactions, including bolt-on acquisitions,
35.2 net sections of land (approximately (VPP) to fund the acquisition of East Texas leasing and drill-to-earn agreements, the
60% undeveloped) and 42.2 net Montney gas properties by Craton Oil & Gas. Craton Company has assembled 7,500 net acres with
locations. At a consolidated asset level, the is a private, Houston-based E&P led by current net production of approximately
company expects Placid area production to successful industry veteran Bob Marin. 30mn cubic feet per day. Consideration
plateau between 11,500 to 13,000 boepd, at Marshall Lynn Bass, Managing Director of for SilverBow’s new Dorado position has
which time asset level cash flow is expected Silverstone, said: “We are excited to provide totalled approximately $50mn, representing
to be approximately CAD145-180mn, based Craton with capital to acquire and develop a combination of leasing, acquisition and
on August 19 strip pricing. An estimated this conventional property. We expect this is drilling capital. Approximately $40mn of the
CAD160mn of capital is required to reach the first of many for Craton as we have high total was incurred during the third quarter of
plateau production from current pro-forma confidence in their ability to skillfully operate 2022.
production of 8,200 boepd, then requiring and grow production.” SILVERBOW RESOURCES, September 15, 2022
approximately CAD70-85mn of capital per Bob Marin, founder of Craton, added, “We
year to sustain plateau production rates continue to evaluate additional acquisitions in
and to deliver asset level free cash flow of East Texas and beyond. We are pleased with SERVICES
CAD75-95mn (and not the CAD100-125mn the support Silverstone has provided our team
disclosed in our September 14 news release and know they are aligned with us to achieve TGS announces Amendment
which was provided in error), based on growth through additional acquisitions.”
Phase 2 in the US Gulf of

Mexico

TGS, a global provider of energy data and
intelligence, today announced Amendment
Phase II, a continuation of its ultra-long offset
ocean-bottom node (OBN) acquisition in the
US Gulf of Mexico. This project extends the
first phase of the survey that was acquired to
the east in 2018.
The 151 OCS block survey will begin
in December 2022 and is expected to be
completed during the first quarter of 2023.
Key to this project is the uplift this data will
bring to full-waveform inversion (FWI)
velocity model building. The results from this
data following processing are expected in Q4
2023. On completion of this project, TGS will
have built a library of over 550 OCS blocks
of ultra-long off-set data in the US Gulf of
Mexico over the past four years.
Kristian Johansen, CEO at TGS,
commented: “Following the passing of the
Inflation Reduction Act, there is a clear

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