Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Mosman Oil and Gas acquires slice of US play

handshake - deal done

Mosman Oil and Gas today confirmed it had paid, through its subsidiary Mosman Texas, $500,000 for a 10% stake in the Arkoma Stacked Pay Project.

The development is located in Okfuskee County, Oklahoma.

The half million dollar deal was struck with Inland Oil & Gas.

Inland estimates the gross reserves and resources of the area to be 8.48 Mmboe.

In addition to the Initial Transaction of 10%, Mosman has also agreed the terms of two options with Inland – to acquire a further 20%, should it elect to do so, and if exercised then a further 25% of their interest in project.

If both options are exercised Mosman will hold a total of 55% of Inland’s interest and at this stage would become Operator of the Project.

Mosman’s Strategic Alliance Partner, Blackstone Oil & Gas has agreed an option with Inland to then acquire Inland’s remaining 45% of the Project. Blackstone has also agreed to pay Mosman a USD$100,000 Facilitation Fee upon completion of the Initial Transaction.

Mosman also has a First Right of Refusal on any projects in the 36 square mile 3D seismic data owned by Inland, where five other targets have been identified.

The total cost of the 55% acquisition of Inland’s interest, if all options are exercised by Mosman, will be $1,925,000.

Mosman chairman John Barr said: “We are pleased to have concluded this transaction with Inland on the Arkoma Stacked Pay Project in Oklahoma. Production from existing wells is expected to increase in the next few months as new wells and new pay zones come on stream. The acquisition has been structured to secure an initial interest and the options to acquire additional interests over time and Mosman welcomes the participation from its Strategic Alliance partner Blackstone.

“The acquisition delivers production and expected resources with upside potential in both areas at an economically acceptable cost, meeting our investment criteria and enabling us to take a further step in delivering on our strategy to build production and cash flow.”

Recommended for you


More from Energy Voice

Latest Posts