Australis Oil & Gas
(ASX:ATS) has completed its acquisition of all the Tuscaloosa Marine Shale (TMS) assets which belonged to Encana Oil & Gas (USA) Inc.
Australis says the acquisition was settled for US$68.3 million in cash last Thursday, just before the Easter break.
Although the contract price was $US80 million, there were various downward adjustments. Much of it was due to oil production and sales net revenue which totalled US$10.8 million.
The company says TMS is one of the last emerging oil producing shale basins, and with 81,000 net acres, Australis is now the largest holder in the Gulf Coast region of the United States.
This morning, Australis shares are trading 1.92% higher at 26.5 cents.
