Canadian Overseas Petroleum wraps up acquisition of Atomic Oil and Gas

Canadian Overseas Petroleum Limited (COPL) has wrapped up its previously announced $54 million acquisition of Atomic Oil and Gas.

Atomic Oil and Gas has assets in the Powder River Basin in Wyoming, US. The company has operated stakes in 52,258 acres (gross) of contiguous leasehold.

Within the lease block, there are a couple of oil production assets in the form of the Barron Flats Shannon Miscible Flood Unit (57.7%) and the Cole Creek Unit (66.7%), and also a unitized exploration area in the Barron Flats Federal Unit.

Canadian Overseas Petroleum wraps up acquisition of Atomic Oil and Gas. Photo courtesy of John R Perry from Pixabay.

Atomic Oil and Gas has a couple of affiliates – The Southwestern Production Corp, the operating entity, and a midstream company called PipeCo, which holds its pipeline and facility assets.

The acquisition gives Canadian Overseas Petroleum 31.1 mm barrels of oil equivalent (BOE) of proved and probable reserves (2P).

The deal was signed in December 2020.