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Point Loma to kick off production on its oil project with partner Salt Bush Energy

Point Loma Resources Ltd (CVE:PLX) CEO Terry Meek tells Proactive Investors the oil and gas company has announced that its partner on the Wizard Lake Rex oil project has agreed to a two-well farm-in transaction to fund drilling and setup costs.

Meek says its partner, Salt Bush Energy Ltd, has agreed to incur 100% of the costs to drill, and complete and equip the two wells. Production is set to begin quite soon, in June 2019.

Quick facts: Point Loma Resources

Price: 0.085 CAD

Market: TSX-V
Market Cap: $7.57 m

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Point Loma Resources acquisition increases oil and liquid production by 70%

Point Loma Resources (CVE:PLX) CEO Terry Meek tells Proactive Investors Point Loma acquired oil and natural gas liquid assets in the West Central area of Alberta in a receivership deal with a private company. The deal increases potential drilling opportunities. The property would add net...

on 05/01/2018

2 min read