Sun River Energy has entered into a definitive agreement to acquire all of the issued and outstanding shares of Raven Wing Resources, a private company, from Skana Capital for $3.5m in cash and the assumption of $360 thousand in outstanding liabilities. Raven Wing will operate as a wholly owned subsidiary of Sun River Energy.

With this acquisition, Sun River is gaining intellectual property and associated oil and gas leases in four Project opportunities in the Sweet Grass Arch, Montana; Powder River Basin, Wyoming; and Wasatch Plateau, Utah.

Jay Leaver, president of Sun River said that the Raven Wing acquisition offers a selection of projects including both oil and gas, at shallow to medium depths, with balanced risk profiles. Several of the drillable opportunities in the Raven Wing portfolio are step-outs and infill from existing production.

The company said that they will be able to commence drilling on several locations within six months of closing this transaction.

The first project Sun River intends to develop will be in an underdeveloped shallow oil opportunity on the Sweet Grass Arch in Montana. A second Raven Wing project Sun River can develop in tandem is an intermediate depth oil opportunity in the Powder River Basin, Wyoming. The third Raven Wing opportunity is located on the Wasatch Plateau, Utah, and will target several layered potential gas reservoirs.

The fourth Raven Wing opportunity involves only intellectual property to a field infill and extension concept in the Powder River Basin. Raven Wing does not currently hold a land position in this opportunity and Sun River will need to establish one to proceed with this project.

Sun River management believes this transaction is a significant value acquisition because it provides the features of very low dilution to existing shareholders, ready to drill, low risk, fully evaluated projects in the Rockies, and the potential to develop oil production quickly.

Jay Leaver, president of Sun River, said: ”Sun River has assembled a very experienced team of oil executives, geologists and an acquisition group that have laid the groundwork to build a mid-size E&P oil and gas company in the Rocky Mountains and the continental US in 2010. With the Raven Wing acquisition and our Colfax County, New Mexico Project, we are positioned favorably for rapid growth.”