BUYERS:

88 Energy

SELLERS:

Malamute Energy

Renaissance Umiat, LLC, ACES

DETAILS:

NOTES:
88 Energy announced the acquisition of Umiat Oil Field in Alaska, which is in close proximity to their Project Peregrine on the North Slope. The field was discovered back in 1945 and the position was bought from Malamute Energy and Renaissance Umiat. 88 Energy will pay the sellers a 4% overriding royalty interest and will take over liability for the abandonment of two previously drilled wells onsite. Gross 2P reserves on the asset are 123.7 million barrels of oil as of December 1, 2015.

REGIONS:

North Slope