APHE - Alpha Energy to acquire Kadence Petroleum's oil and gas assets in Oklahoma

Alpha Energy (APHE) enters into definitive option agreement with Kadence Petroleum to acquire its Logan 2 project oil and gas assets in Oklahoma. The price consideration not disclosed.The Logan 2 project is approximately 6,900 acres of developed and undeveloped proven production in the Oklahoma’s Cherokee Platform. The engineering reserve report commissioned by Alpha as of Dec. 31, 2019 indicates over 340K barrels oil and over 610M cubic feet gas of net reserves. It also identified 16 formerly producing wells in the area that could be returned to production with minimal effort."Our initial focus will be on the acquisition of producing well bores which gives us some financial flexibility and allows us to grow production, cash flow and reserves through a capital program that is expected to be funded with internally generated cash flow," says Alpha Energy's chairman and CFO John Lepin.Logan 2 adds to the other two previously announced project areas, Coral and Rogers, in the Cherokee Arch.

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Alpha Energy to acquire Kadence Petroleum's oil and gas assets in Oklahoma