ACQUISITION
"Calgary, AB. West Energy Ltd.(“West” or the “Company”) (TSX: WTL) announces that it has entered into an agreement to purchase from a major company significant oil properties in the Warburg area of Alberta for $147 million. These properties include 7.0 million Barrels of Oil Equivalent (“Boe”) of proven plus probable reserves which are producing 1,450 Boe per day of predominately light oil."
"This valuation implies acquisition metrics as follows:
Reserves: Total Proven - $19.70 per Boe, Proven plus Probable - $17.07 per Boe. No future development capital is required to access the proven or probable reserves.
Production: $82,759 per flowing Boe"
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