- International Petroleum Corporation (IPCO) has disclosed its plan to acquire Cor4 Oil Corp. in Canada
- The proposed acquisition is based on an asset consideration of US$62 million (C$84 million)
- The acquisition includes total proved plus probable (2P) reserves of 15.9 million barrels of oil equivalent (MMboe) as at December 31, 2022
- International Petroleum Corp. (IPC) is an international oil and gas exploration and production company with assets in Canada, Malaysia and France
- International Petroleum Corporation opened trading at C$13.76
International Petroleum Corporation (IPCO) has disclosed its plan to acquire Cor4 Oil Corp. in Canada.
The proposed acquisition is based on an asset consideration of US$62 million (C$84 million).
The acquisition includes total proved plus probable (2P) reserves of 15.9 million barrels of oil equivalent (MMboe) as of December 31, 2022.
The assets to be acquired have forecast average net production of approximately 4,000 barrels of oil equivalent per day for 2023. They include an inventory of drilling locations close to IPC’s current area of operations in southern Alberta.
“We are very pleased to announce today the complementary acquisition of almost 16 MMboe of 2P reserves adjacent to our Suffield property in Alberta, Canada, through the proposed acquisition of Cor4, a private company,” said Mike Nicholson, IPC’s Chief Executive Officer.
“Following these acquisitions, we now have over 25 drilling inventory locations on the Ellerslie play fairway that extends from the west of our Suffield asset, to our new land acquisition and into the Cor4 property,” he added.
IPC intends to drill a total of six wells on this exciting new play in 2023.
To this end, IPC Canada Ltd. (IPC Canada) and Cor4 have entered into an agreement under which IPC Canada has agreed to make an offer to shareholders of Cor4 to purchase all of the issued and outstanding Cor4 common shares and options and warrants convertible into Cor4 common shares.
Shareholders representing approximately 98 per cent of the fully diluted Cor4 common shares have entered into support agreements, agreeing to tender their shares into the offer.
International Petroleum Corp. (IPC) is an international oil and gas exploration and production company with a portfolio of assets located in Canada, Malaysia and France.
International Petroleum Corporation opened trading at C$13.76.
