Ravenwood Energy Corp. closes $16,000,000 strategic property acquisition

CALGARY, May 1, 2012 /CNW/ - Ravenwood Energy Corporation ("Ravenwood") is pleased to announce that it has successfully completed a strategic acquisition from an intermediate producer, of a high quality, operated, long life oil property with associated liquids rich gas, located in central Alberta.  Current production from the acquired properties is estimated at approximately 155 BOE/day.

David Beckwermert, President & CEO of Ravenwood said:  "This strategic acquisition consolidates Ravenwood's position in this core area and increases Ravenwood's flexibility in terms of operations, facilities and further horizontal drilling opportunities. This is the fourth acquisition we have completed in the same geographic area since December 2010, giving Ravenwood over 2,500 BOE/day of operated production in this region.  We intend to continue to aggressively grow our production in this area through drilling and further acquisitions."

Ravenwood is a Calgary, Alberta based company engaged in the exploration, development and production of oil and natural gas reserves in western Canada.  Ravenwood's strategy is to build shareholder value through a balance of exploration and development drilling complemented by a focused acquisition program.

Where amounts are expressed herein on a barrel of oil equivalent ("BOE") basis, natural gas volumes have been converted to oil equivalence at six thousand cubic feet per barrel.  The term BOE may be misleading, particularly if used in isolation.  A BOE conversion ratio of six thousand cubic feet per barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

This information contains forward-looking statements under applicable securities laws.  Forward-looking statements are necessarily based upon assumptions and judgments with respect to the future including, but not limited to, the outlook for commodity markets and capital markets, the performance of producing wells and reservoirs, and the regulatory and legal environment.  Many of these factors can be difficult to predict.  As a result, the forward-looking statements are subject to known or unknown risks and uncertainties that would cause actual results to differ materially from those anticipated or implied in the forward-looking statements.

 

David Beckwermert, President & CEO
Ravenwood Energy Corp.
#2500, 635 - 8th Avenue S.W.
Calgary AB   T2P 3M3

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