SYDNEY: Xstate Resources Limited has closed on the acquisition of a 10% Working interest (WI) in oil and gas producing assets (Alberta Plains Assets) in southern Alberta, Canada.

Plans for the acquisition were previously reported on 28 January 2021. The assets consist of oil and gas fields and associated production equipment, located between Edmonton and the USA border.

Current production is around 100 BOPD and steps are currently being taken to bring selected wells back into production at an expected gross (100%) rate of 500 BOPD. The cost to Xstate of these reactivation activities is AUD $85,000.

Xstate is pleased to advise that the funds required for the reactivation program have been remitted to the operator, Blue Sky Resources, and reactivation of the wells in underway. www.xstateresources.com.au