Acerta Energy to Acquire Astara Energy, Doubling Oil Production
Acerta Energy Ltd. has agreed to acquire Astara Energy Corp., adding approximately 5,000 boe/d of operated, liquids-rich production and increasing corporate production by about 67% to around 12,500 boe/d.
The acquisition, which is valued at around $127 million, includes reserves of approximately 18.1 MMboe with a net present value of $282.4 million, before tax, discounted at 10%.
'Astara more than doubles our oil production and diversifies our base of development opportunities,' said Dr. Robert Brady, President & Chief Executive Officer of Acerta Energy.
The acquired assets are approximately 74% crude oil by reserves and are underpinned by established waterfloods in the Doe Creek pools at Valhalla and Sinclair and in the Sunburst at Countess, including the Valhalla North B Sand flood, which has been under injection since 1994.
Acerta will operate substantially all of the acquired production and expects to close the deal in September 2026, subject to court approval and Competition Act clearance.