CALGARY: Canadian Overseas Petroleum Limited (COPL), an international oil and gas exploration and development company, announced that its acquisition of Atomic Oil and Gas LLC announced on December 16, 2020 is expected to close on Tuesday.
Arthur Millholland, President and CEO, commented: “The Denver Colorado area, where Atomic is headquartered, and the western states were impacted by a severe winter storm yesterday which caused disruption in the process of the transaction completion. It is on track to happen today and we are excited to finalize the process.”
Atomic is currently a closely-held private oil and gas company incorporated under the laws of the State of Colorado. COPL will acquire 100% of the shares of Atomic on closing of the acquisition on March 15, 2021. Atomic’s assets are located in the Powder River Basin in Converse County, Wyoming, USA where it holds operated interests in 58,552 acres (gross) of contiguous leasehold.
There are two oil production Units within the lease block: the Barron Flats Shannon Miscible Flood Unit (57.7% WI) and the Cole Creek Unit (66.7%), as well as one unitized exploration area – the Barron Flats Federal Unit (deep). Atomic has two affiliates: The Southwestern Production Corp, the operating entity; and Pipeco, a midstream company holding the pipeline and facility assets.
COPL is an international oil and gas exploration, development and production company actively pursuing opportunities in the United States through the acquisition of Atomic Oil and Gas LLC with operations in Converse County Wyoming, and in sub-Saharan Africa through its ShoreCan joint venture company in Nigeria, and independently in other countries.