As part of the deal, the company will acquire 60% working interest in the Sleeping Tiger project located in Gulf of Mexico.
The Sleeping Tiger project is expected to have 4.5MMbbl’s of net 3P oil reserves and 4.9Bcf net 3P gas reserves.
It is also expected to hold about 4.5MMbbl’s of additional exploration prospective oil resources and 50.6Bcf gas reserves.
The company will also acquire a 10% WI in the Raging Bull oil field and production well, which is currently flowing between 25-30 barrels of oil per day.
The Raging Bull well has flowed about 135,000 barrels of oil, after it began production.
