The assets were acquired for a combined purchase price of US$25 million with gross production from the properties at 10mmscfd and 600bopd, with combined proved reserves of 33.4bcfe of which 88% are natural gas.
"This is a very good acquisition for Novus. It provides us with additional US reserves and production at a modest price and at a time of high commodity prices. We also see significant upside potential which we will pursue via exploration and exploitation programs during 2004," said Novus CEO Bob Williams.
"We have already identified several shallow gas targets in the mainly oil producing Main Pass blocks and up to four additional targets identified in the East Cameron blocks, targeting between 18 and 25 bcf."
