Sentry Petroleum Ltd. (OTCBB: SPLM) today announced the Department of Mines and Energy has approved the company’s acquisition of Authorities to Prospect #862, #864, and #866. The U.S. oil and gas exploration company was also awarded the rights to all conventional oil and gas deposits associated with the wells.
According to the press release, the acquisition gives the company 6.8 million acres of acreage, leveraging it as the largest land holder in the commercially proven Adavale Basin in Australia. The acreage has an aggregate of 11 trillion cubic feet of gas production and more than 90 million barrels of oil production.
“Over the past several months, Sentry management has concentrated its efforts on closing this acquisition,” Sentry president and CEO Dr. Raj Rajeswaran stated. “Sentry Petroleum has now become one of the largest net on shore land holders in Australia. The acquisition has significantly enhanced shareholder value and positions the Company for rapid growth.”
According to Alan Hart, head of exploration for Sentry, the company has identified several potential prospects in and around the wells.
“Many hydrocarbon shows have been recorded in Quilberry, Yongala, Leopardwood and Bodalla wells. We have identified potential new petroleum reef reservoirs within the Cooladdi Dolomite where both the Gilmore and Log Creek discoveries were made,” Hart stated.
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