September 17, 2021

Northcote Energy Acquires NAPP U.S. Assets

Northcote Energy has signed an agreement with NAPP to acquire the entire issued share capital of NAPP’s wholly owned U.S. subsidiary, NAP USA Inc.

The acquisition increases the company’s working interest from 55% to 85% at Zink Ranch in Oklahoma and from 35% to 70% at Shoats Creek in Louisiana. Shoats Creek wells are expected to be the initial focus for the group. Northcote Energy will issue shares in the company to NAPP equal to 29.9% of Northcote’s enlarged issued share capital as of the date of closing.

“The combination of North American Petroleum’s U.S. assets with our own creates a larger and stronger company that still retains its focus on the development of its core assets in Oklahoma and Louisiana,” Northcote Managing Director Randall Connally said in a statement. “This transaction makes sense in any environment but particularly in the current low oil price backdrop.”

How Real-life Data Guides the Agility of Oil and Gas CompaniesFree to Download Today

Oil and gas companies are regularly faced with many industry-specific issues to overcome. Such issues, including exploration and drilling, are often complex and intricate processes with many unique challenges to overcome. Data analytics can play a massive part in streamlining some of the most fundamental operations that are involved in the oil and gas industry.

Related posts

Subscribe to OILMAN TodayDelivered to your inbox

Subscribe to OILMAN Today, a biweekly newsletter delivered to your inbox covering oil and gas business news, current events and industry information you need to know about.