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Zephyr Energy completes purchase of oil-producing interests in the Bakken Formation
StockMarketWire.com
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Rocky Mountain-focused oil company Zephyr Energy has completed its previously-announced acquisition of oil-producing interests in the Bakken Formation in North Dakota, USA.
The company said all conditions of the acquisition were satisfied on 31 March 2021, including the transfer of title of the Bakken interests to Zephyr and the release of the operator liens.
It confirmed that all payments due in respect of the acquisition have also been made, including payment of approximately $3.7 million for historical capital expenditure obligations and $300,000 to the seller.
Zephyr Energy said it expects to receive the first production payments associated with the currently producing well in the Bakken project at the end of April 2021, while completion of the other four wells in the Bakken project is expected in May.
At 9:41am: (LON:ZPHR) share price was 0p at 0.63p
Story provided by StockMarketWire.com
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