Rockdale Resources Corporation has completed the acquisition of a 10% working interest in the 2,600-acre Slick Unit Dutcher Sands oil field in Creek County, Oklahoma, from SUDS Properties LLC.
With this acquisition, Rockdale said the company’s total 1P reserves increase by about 150,000 barrels.
The acquisition also established Rockdale as an operator in Oklahoma. The company said that the move will allow Rockdale to expand throughout the Southwestern U.S.
Located between Tulsa and Oklahoma City, the SUDS oilfield will increase the company’s holdings to 116 wells and 3,260 acres of leased land.
In addition, Zel Khan, founder of Jovian Petroleum Corporation, will be the President and Chief Executive Officer of Rockdale and has been nominated to the Board of Directors. His appointment will be subject to shareholder approval.
“I am excited to migrate our experienced operational team into the Rockdale family,” Khan said in a statement. “With a strong operational base, the company can move forward with confidence and seek out opportunities provided by the current marketplace.”
SUDS Properties is a subsidiary of Houston-based Jovian Resources LLC.