According to the company, the assets acquired are located next to Direct Energy’s current gas portfolio in Alberta. In addition to a production base of 8.7 million cubic feet equivalent per day, the acquisition also includes 50,000 acres of land with development potential.
The company stated that according to internal assessments this acquisition will increase Direct Energy’s reserves by at least 15 billion cubic feet equivalent.
Deryk King, chairman and CEO of Direct Energy, said: These assets are a strong strategic and operational fit with our existing upstream gas portfolio and this acquisition is in line with our strategy of increasing the level of vertical integration across Direct Energy.
