Quattro Exploration and Production Ltd. has closed an arms-length agreement (the "Purchase and Sale Agreement" or "PSA") with an Alberta-based private oil and gas exploration and production company for the acquisition of certain oil and gas interests in Central Alberta, NW Alberta, NE British Columbia and Saskatchewan (the "Acquisition").

The foundation of the Acquisition is located in 3 regions of Western Canada currently producing more than 950 boe/d (of which greater than 25% is oil and liquids), including developed land of approximately 91,312 acres (net), undeveloped lands of 92,770 acres (net) for a total of 184,082 acres (net) of exploration land in the provinces of Alberta, British Columbia and Saskatchewan. Recent production is supported by a December 31st, 2012 Sproule & Associates engineering report showing that the Acquisition assets produced an average of more than 1,000 boe/d of production in 2012 of which 276 bopd were medium to light oil and liquids. Prior to the completion of the Acquisition, AJM Deloitte independently confirmed the continuing performance of the assets for Quattro in July 2013.

Tags: Quattro Exploration And Production Ltd.