Historic Facts

I was reading through some of the old announcements and found this highlight from Q2 report 2012 released 30/07/12

"Breitburn Energy Partners (NASDAQ:BBEP) recently announced it had closed on 4,600 acres producing 2,100 BOEPD with proven reserves of 9.5MMBOE for $220MM USD. The property was located adjacent to our Southern Star project area with one lease being common to Southern Star and the announced transaction"

The records show that Antares had 5340 Gross acres & 4450 Net acres, prior to the Breitburn transaction.

A Summary Of The Key Highlights Of The Transaction Include:
- ~ 4,600 gross (~ 3,700 net) acres in Howard County
- October production estimate of ~600 boepd
- 100% operated; ~ 80% average working interest
- Acreage includes infrastructure to support horizontal drilling
- The transaction has an effective date of 1st October 2014

Therefore one is left asking what happened to the other 740 GROSS acres or 750 NET acres.

The price achieved doesn't really match that from the 2012 transaction does it.

Time for the ASX & ASIC to get involved in this smoke & mirror game

LOTM