International Petroleum Acquires Granite Oil With Assets in Southern Alberta

Updated 1 year 6 months ago

International Petroleum Corp. (IPC) announced in January 2020 an agreement to acquire Granite Oil for $29 million as well as assuming $30 million in bank debt. Granite's assets are located in the Milk River area of Alberta with 2P reserves of 14.0 million boe and 6.2 million boe of unrisked contigent resources. Current production is 1,500 bopd of 29 degree API oil. This also includes existing infrastructure to enable the current gas injection enhanced oil recovery scheme as well as oil and gas processing plants. The deal has been approved by both IPC and Granite directors and is supported by GMT Capital who is Granite's largest shareholder. The transaction closed on schedule in March 2020.