Sacgasco has added to its’ exploration and producing gas assets in the Sacramento Basin, onshore California, after acquiring a 30% non-operated working interest in the 1000 barrels of oil per day (bopd) Red Earth asset. . The transaction, consisting of six oil fields and associated infrastructure in Alberta, Canada, is expected to close shortly.
Sacgasco is also acquiring a 20% non-operated working interest in Alberta Plains oil and gas properties which are currently producing some 425 Barrels of oil equivalent per day (BOEPD)
These provide the company with more than just additional production and revenue streams, but importantly geographic diversification outside its traditional operating territory of California.
The oil fields are located in Alberta Province, Canada, the location of prolific oil and gas production.
At Alberta Plains the aim is to restore production initially to some 500+ BOEPD and then add two more tranches of 300 BOEPD as production restoration activities are implemented.