Radiant Oil & Gas Acquires 1,000-Acre St. Mary Parish, Louisiana, Field
Garnet Project was originally discovered and developed by Sun Oil Co. According to the firm, “Based on management estimates, the project adds over $45 million to the Company's PV-10 reserves. A third-party analysis of the project is currently underway to confirm management's initial analysis.”
"This acquisition is consistent with our strategy of purchasing and redeveloping long lived, historically producing assets in the Gulf Coast," said Radiant CEO John Jurasin. "As interest in unconventional shale plays has surged, we continue to see a number of overlooked opportunities to acquire quality, mature projects in conventional areas at compelling valuations. Garnet in particular offers a unique opportunity. Because the field has been extensively studied, and we have experienced crews in the region, we are confident that we can quickly get this project commercially producing and generating cash flows."
Radiant said it outbid four other parties in a competitive lease sale to acquire the project. Garnet is one of a series of fields from the original discovery, which contains approximately 500 wells, company officials said/ Since 1965, it is estimated that those wells have produced over 59 million barrels of oil and 2.8 trillion cubic feet of gas. Radiant has already identified 21 areas where it can re-work abandoned wells or drill new wells.
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