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Zargon Oil & Gas Ltd.

Address Suite 700, 333 – 5th Avenue S.W., Calgary, AB, T2P 3B6, CA
Tel 403-264-9992
Fax 403-265-3026
Website zargon.ca

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Zargon Oil & Gas Ltd. announces sale of Zargon’s Southeast Saskatchewan assets for $89.5 million

Zargon Oil & Gas Ltd. has entered into a definitive agreement for the sale of all of its Southeast Saskatchewan assets for cash consideration of $89.5 million, subject to normal closing adjustments. The effective date of the transaction is July 1, 2016 and the transaction is expected to close in early September. The assets have the following attributes:

  • Production: 1,211 barrels of oil equivalent per day of low decline production – 95 percent oil and liquids (first half 2016 rates).
  • Proven plus probable reserves: 5.14 million barrels of oil equivalent – 96 percent oil and liquids (McDaniel & Associates Consultants Ltd. – Dec. 31, 2015).