Vancouver-listed Devran Petroleum is about to expand its base of oil and gas operations in Ontario.
Devran has received an option to buy all the Ontario oil and gas property interests of Onexco Oil and Gas. The purchase price is $1,675,000.
Net production of conventional oil from the company’s Ontario properties is 150 bbl per day. If the option is exercised production will complement production of some 600 bbl per day expected to come from a gravity-assisted drainage project at the Sarnia London Road Field near Sarnia, Ont., which Devran is currently developing in partnership with Shell Canada.
Devran has started discussions to complete the necessary financing for the deal with Onexco.
Be the first to comment on "Devran Petroleum"