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LYCOS ENERGY INC. ANNOUNCES COMPLETION OF STRATEGIC ALBERTA HEAVY OIL ACQUISITION
LYCOS ENERGY INC. ANNOUNCES COMPLETION OF STRATEGIC ALBERTA HEAVY OIL ACQUISITION Canad...
About this update from Lycos Energy Inc
[{"type":"text","content":"\n \n \n \n LYCOS ENERGY INC. ANNOUNCES COMPLETION OF STRATEGIC ALBERTA HEAVY OIL ACQUISITION\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: TOP; TEXT-ALIGN: LEFT; BORDER-TOP:black 0pt initial; BORDER-RIGHT:black 0pt initial; BORDER-BOTTOM:black 0pt initial; BORDER-LEFT:black 0pt initial\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE; BORDER-TOP:1pt black; BORDER-RIGHT:1pt black; BORDER-BOTTOM:1pt black; BORDER-LEFT:1pt black\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n March 1, 2023\n \n \n /CNW/ - Lycos Energy Inc. (\"\n \n Lycos\n \n \" or the \"\n \n Company\n \n \") (TSXV: LCX) is pleased to announce the addition of 1,500 boe/d (100% oil) production and 1,808 Mboe of producing reserves\n \n (1)\n \n in the\n \n Lloydminster\n \n area (the \"Assets\"). Lycos' total current production is now over 2,700 boe/d (99% oil).\n \n \n \n Acquisition Overview\n \n \n \n Lycos completed the Acquisition\n \n (2)\n \n on\n \n February 28, 2023\n \n for a purchase price consisting of\n \n $50.0 million\n \n in cash and the grant of a 3% gross overriding royalty to the former ownership group (the \"GORR\") on any newly drilled wells on the acquired lands.\n \n \n The Assets substantially increase Lycos' inventory of high rate, high return multi-lateral drilling locations, adding over 40 net locations\n \n (3)\n \n within the Mannville Group.  Lycos has operated the Assets since the fall of 2021 and has drilled a total of 8 multi-laterals on the Assets.  These wells have achieved an average IP90 of 197 boe/d.\n \n \n \n Asset Highlights\n \n \n \n \n \n $50.0 million\n \n cash purchase price plus a 3% GORR\n \n \n Operating netback\n \n (4)\n \n of over\n \n $49\n \n /bbl at\n \n $75.00\n \n WCS/bbl\n \n \n Producing oil reserves of 1,808 Mboe\n \n (1)\n \n driving a producing recycle ratio\n \n (4)\n \n of 1.77\n \n \n 1,500 boe/d addition to the Company's current producti...