American Patriot Oil & Gas (ASX: AOW)
Having acquired acquired conventional oil and gas assets in south Texas, the veritable oil heartland of the US, consisting of 900,000 barrels proven oil and gas reserves,
American Patriot (ASX: AOW) looks to be coming into its own as an oil and gas producer.
AOW already has a high-calibre portfolio of prospective oil and gas exploration assets in the US and now, having patiently searched for prime deals, it has picked up a covetable suite of production assets at a cut-rate price.
This is a game-changing acquisition for AOW, with low production costs set to translate into strong margins.
With a string of target assets in AOW’s sights, this looks like the first of many acquisitions.
AOW now has a number of additional transactions in Texas that it expects to have signed, sealed and delivered in the second half of this year.
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This is all part of AOW’s overlying objective to aggressively build up a producing conventional oil business that will produce over 1,000 barrels of oil per day by 2018.
That is more than achievable if dual-listed AOW continues to make good on its aggressive acquisition strategy and evolves to become a substantial oil and gas producer.