International Petroleum Corporation (IPC) today announced completion of the acquisition of oil and gas assets in the Suffield area, southern Alberta on the terms as previously announced on February 6, 2023.

Mike Nicholson, IPC’s Chief Executive Officer, comments: 
“We are very pleased to complete the acquisition of almost 16 million barrels of oil equivalent (boe) of proved plus probable (2P) reserves adjacent to our existing Suffield area assets in Alberta. We forecast average net daily production from these assets of approximately 4,000 boe for 2023, with recent net daily production rates in excess of 5,000 boe. The 2023 Ellerslie drilling program continues both on these acquired lands and on IPC’s existing Suffield area assets. With strong operational performance across all of our areas of operations, IPC expects to be above the high end of our average daily production guidance for the first quarter of 2023.“

The Acquisition includes total proved plus probable (2P) reserves of 15.9 million barrels of oil equivalent (MMboe) as at December 31, 2022. The assets to be acquired have forecast average net production of approximately 4,000 barrels of oil equivalent per day for 2023 and include an inventory of drilling locations, close to IPC’s current area of operations in southern Alberta.

KeyFacts Energy: Acquisitions & Mergers news