JE has agreed to provide $50m fund to develop the JV, which will be used to develop and expand AEXCO’s operations in the region.
As part of the agreement, around 150 horizontal and vertical drilling locations will be developed in the area, according to AEXCO.
JE CEO Brad Juneau said that AEXCO’s geological expertise combined with local operational experience in the Mid-Continent is impressive.
AEXCO Petroleum CEO Drew Allan said, "We could not have aligned ourselves with a better strategic partner than JE."
AEXCO, which has district operations office in Edmond, Oklahoma, US, is engaged in the exploration, development, acquisition and production of oil and natural gas resources with operations primarily in the Mid-Continent.
