At the end of July 2012, these properties were producing an estimated 7,400 barrels of oil equivalent net per day of which nearly 86% is oil and natural gas liquids with an average American Petroleum Institute gravity of 33 degrees. Upside production potential exists in the currently producing reservoirs through numerous low risk, high margin drilling/recompletion and well workover opportunities. The transaction is subject to preferential rights, title and environmental due diligence and other customary closing conditions. This transaction is effective October 1, 2012 and is expected to close by year end 2012.
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