BCM has agreed to pay $2.5m in cash to acquire three leases including 44 wells and related equipment.

The company will also pay $100,000 for an option to purchase an additional 11 leases with 47 associated wells and equipment under the same terms.

The transaction is expected to close by 16 September 2011.

BCM will incorporate enhanced oil recovery technologies in Liberty Field with expectations to increase production above current forecasts.

Upon closing, BCM invest to invest $400,000 in-field to exploit multiple behind-pipe opportunities in an effort to increase production.

BCM is an oil and gas company focused on acquiring and developing distressed assets.