WINNIPEG, Manitoba, Dec. 11, 2014 (GLOBE NEWSWIRE) -- Tundra Oil & Gas Limited is pleased to announce the purchase of 550 oil wells in southwestern Manitoba from a subsidiary of EOG Resources, Inc. The wells produce approximately 7,000 barrels of light oil per day in the Waskada and Pierson areas. Tundra's total production will now exceed 30,000 barrels of oil per day.
For 35 years, Tundra has focused its exploration and development efforts solely on the Williston Basin in which the newly-acquired assets are situated. This is the largest acquisition which Tundra has made and it is believed to be the largest oil industry transaction to have occurred in Manitoba history.
The company, which is headquartered in Winnipeg, also maintains an office in Virden, which employs 175 operating, engineering, technical and administrative staff. With the closing of this transaction, Tundra will now hire a majority of EOG's Manitoba field employees as Tundra adds another 35 people in rural Manitoba.
"Despite the recent volatility in the world oil markets, we take a long-term approach to our business and we believe that the addition of these assets will provide Tundra not only with additional oil production in the short term, but with further development and enhanced recovery opportunities over the longer term," commented Ken Neufeld, Tundra's President & CEO.
In the next 12 months, Tundra plans to spend $70 million to drill, workover and expand the newly-acquired assets which include 12,000 acres of undeveloped land and a gas plant.
Tundra Oil & Gas Limited is a private energy company, with offices in Winnipeg, Virden and Calgary. Directly, and through subsidiaries, Tundra produces more than 30,000 barrels per day of light oil in the Williston Basin and owns a significant midstream business, Tundra Energy Marketing Limited. Tundra, in turn, is a wholly-owned subsidiary of James Richardson & Sons, Limited, a private family company which was established in 1857 and is also active in the international grain trade, food processing, real estate and financial services.
CONTACT: Ken Neufeld, President and CEO 204-934-5859 firstname.lastname@example.org.
Source:Richardson International Limited