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Energy Today signs agreement to acquire oil and gas companies

BY MELANIE CRUTHIRDS, News Editor

Energy Today has signed an agreement to acquire Rosdanex Limited, a Cyprus-based oil and gas holding company. Rosdanex owns two oil and gas companies in Russia: Kumskaya Neft (Kuma Oil) and Rufyeganneftegaz (Ryfneft), both of which own concessions in Russia’s oil-rich Western Siberia.

Kuma Oil is a licensed mineral developer in Russia, and has fields explored and mapped, with production plans in place. The company’s initial field is expected to produce 400,000 bbl of oil over the next 12 months. The oil reserves were qualified in a 2011 study by Miller Lents, a Houston-based petroleum consulting firm, as having 5.4 million bbl of proven reserves and 20.1 million bbl of probable reserves, and was subsequently verified to have 105 million bbl of proven and probable reserves. Fully developed, these reserves have an estimated net asset value (NAV) of approximately $525 million, from the combination of proven and proven undeveloped reserves.

Ryfneft’s Mykhlor and Ruf-Yegan oil fields are located in the Mykhlor and Ruf-Yegan areas. Production began in the Mykhlor oilfield in 1995, and at the Ruf-Yegan oilfield in 2001. Prospective reserves in the Mykhlor and Ruf-Yegan license areas were estimated by Russian state agency Rosnedra in the study, “Supplement to the project of geological study of Mykhlor and Ruf-Yegan license areas.” As of January 2013, the Mykhlor and Ruf-Yegan reserves are estimated at 35 million bbl of proven and probable reserves. Ryfneft is producing approximately 25,000 bbl per month.

In the first quarter of 2013, QED Connect purchased a controlling block in Energy Today, formerly known as Yellow7, and subsequently completed a re-capitalization in April. QED will continue to hold an ownership position in Energy Today post-acquisition. 

08/06/2013

 

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