Under the terms of this agreement, Blast Energy will pay $1.2m for Sun Resources’ approximately 66% working interest in three wells currently producing a total of 43 gross barrels per day with an estimate of more than 60,000 barrels of net in recoverable reserves to Blast Energy.
The agreement has also received the approval of the board of directors of Sun Resources and its shareholders.
Blast Energy acting president and CEO Michael Peterson said that with cash flow from this acquisition and future Quicksilver Resources settlement payments, Blast Energy plans to cost effectively acquire additional producing properties in the future.
