Page 12 - NorthAmOil Week 36 2021

NorthAmOil NEWS IN BRIEF NorthAmOil

UPSTREAM and positions us for future growth through DOWNSTREAM
increased enterprise value, production,
West Lake Energy reserves, netbacks and cash flow.” ClearSign Technologies
WEST LAKE ENERGY, September 08, 2021
announces strategic US Energy Development announces notification of
acquisition of new core announces strategic hold for ExxonMobil project

area that adds significant acquisition of a $50mn ClearSign Technologies, an emerging
leader in industrial combustion and
reserves and growth upside sensing technologies that improve energy,
operational efficiency and safety while
West Lake Energy is pleased to announce the asset in the Delaware Basin dramatically reducing emissions, announces
closing of its acquisition of Boulder Energy, US Energy Development, an exploration & that it has received a verbal notification from
a privately held primarily light-oil producer production (E&P) firm which provides direct ExxonMobil to put on hold the testing of
with assets in the Brazeau area of West Central investments in energy, announced its most its ClearSign Core™ process burners to be
Alberta. The Boulder acquisition provides a recent strategic acquisition of a $50mn asset installed at the Baytown, Texas refinery. The
new core area for the Corporation that targets in Loving County, Texas, in the core of the rationale for the notification was that there
the Belly River formation, characterised as low Delaware Basin. is now insufficient time for ExxonMobil to
decline, high netback, assets with substantial The project has wells targeting three of engineer their inclusion during the targeted
development upside and low asset retirement the basin’s most prolific benches – 3rd Bone 2022 refinery turnaround.
obligations (ARO). The Belly River is a Spring, Wolfcamp A and Wolfcamp XY. The “We were informed late yesterday on
350-metre thick, stacked channel system that new deal brings US Energy’s total investment a call that ExxonMobil was putting this
offers multiple drilling locations/ reservoir in the Permian Basin to $135mn over the past project on hold,” said Jim Deller, Ph.D., Chief
targets. The acquisition provides substantial year. Executive Officer of ClearSign. “This news
opportunity for future low-cost development This acquisition announcement marks US was a surprise and obviously disappointing.
and to increase reserve recovery through Energy’s fifth major deal in the calendar year. We believe that we have met all of the
enhanced oil recovery (EOR) programmes. The firm is planning to invest an additional necessary qualifications and were looking
“This acquisition is transformational for $400mn among the Permian, Powder River, forward to completing the final product
West Lake,” said Bruce McDonald, CEO. Eagle Ford and DJ Basins over the next two demonstration and subsequent installation
“The board and executive are focused on a years. in Baytown. Although these burners would
new strategic direction, and this acquisition The Permian Basin is one of the oldest have been but one of our growing number
represents the first step in our plan to achieve and most widely recognised oil and gas of installations, we were particularly excited
our growth and value goals over the next few producing regions in North America. It covers about demonstrating the capabilities of these
years. The Boulder asset is a great fit to our approximately 86,000 square miles across New burners because of the extensive operating
existing portfolio, adding a new core area Mexico and Texas. The Permian is divided flexibility we have developed to meet the
where we can leverage our technical expertise into three main sub-basins: Midland Basin, expansive needs of the ExxonMobil refinery
while contributing significant primary and Central Basin and Delaware Basin. while also showcasing ClearSign Core’s unique
secondary development growth opportunities. US ENERGY DEVELOPMENT, September 08, ability to greatly reduce NOx emissions
This is a major milestone for the corporation 2021 technology,” concluded Dr. Deller.
CLEARSIGN TECHNOLOGIES, September 03,
2021

SERVICES
Cathedral Energy Services

closes its second

acquisition in the quarter

through the purchase of
Valiant Energy Services

Cathedral Energy Services is pleased
to announce the closing of Cathedral’s
acquisition of the operating assets of Valiant
Energy Services, an Alberta-based directional
drilling company, for a purchase price of
CAD1,500,000. The purchase price was

P12 www. NEWSBASE .com Week 36 09•September•2021