The assets include about 108 producing wells in 34 fields with average net production of 12 million cubic feet per day of natural gas and 900 barrels per day of oil, or a total of 2,900boe/d.

The properties have proven reserves of about 14.5 million BOE with additional internally identified probable and possible potential of over five million BOE.

Closing of the transaction is subject to preferential rights-to-purchase held by other working interest owners in a number of the properties, as well as, several industry-standard closing conditions.

North American Energy Resources chairman and CEO Clinton Coldren said the company has been evaluating a number of acquisition opportunities and its initial focus has primarily been on Gulf Coast assets with existing production, upside drilling, and redevelopment potential.