Leucrotta Exploration Inc.

Leucrotta Exploration Inc.

May 27, 2015 16:37 ET

Leucrotta Exploration Sells Northeast BC Property

CALGARY, ALBERTA--(Marketwired - May 27, 2015) - Leucrotta Exploration Inc. ("Leucrotta" or the "Company") (TSX VENTURE:LXE) is pleased to announce that it has signed a purchase and sale agreement and subsequently closed the disposition of a portion of its assets located in the Greater Dawson area in Northeast British Columbia for a cash consideration of approximately $80 million. The sold assets are currently producing approximately 1,300 boepd (87% gas) and had approximately 8.6 million boe of 2P reserves assigned to it in Leucrotta's independent reserves report prepared in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities by GLJ Petroleum Consultants Ltd. dated effective December 31, 2014 (the "GLJ Report"). Based upon the GLJ Report, the sold assets represent approximately 33% of the total 2P reserves of the Company.

BOE Conversions

BOE's may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Leucrotta Exploration Inc.
    Robert Zakresky
    President and Chief Executive Officer
    (403) 705-4525

    Leucrotta Exploration Inc.
    Nolan Chicoine
    Vice President, Finance and Chief Financial Officer
    (403) 705-4525
    (403) 705-4526 (FAX)