Another Provident Acquisition
Tuesday, October 23rd, 2007Yesterday Provident Energy (PVX: chart, web, Y!) entered an agreement to buy out a privately held company with oil assets in southeast Saskatchewan for $79 million in shares.
The short end of this is that PVX is spending money to increase reserves, and add to their daily production. In fact, they’ll add 1,300 barrels per day of production, nearly all of which is crude. Provident’s proved plus probable reserves are estimated at 3.6 million barrels of oil.
“This acquisition provides excellent strategic and economic value to Provident, improving the quality and supporting the sustainability of our existing southeast Saskatchewan assets,” …
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