The purchase consists of two wells able to produce about 40 barrels of oil daily.
Cressent management estimates the monthly revenues from these wells to reach about $100,000 a month, which will translate into $1.2m annually.
This purchase continues the Cressent management’s plan for organic growth without outside investment or debt.
Cressent intends to continue its cooperation and is planning to acquire some 40 leases with over 100 wells present on these assets, the company said.
