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Brookside Energy chairman shows support for oil & gas strategy with on-market purchases

Michael Fry has this month acquired a further 1 million shares and now holds a total of 4 million in direct and indirect interests.
Onshore oil wells
The company is focused on the world-class Anadarko Basin in Oklahoma

Brookside Energy Ltd (ASX:BRK) chairman Michael Fry has shown his faith in the company’s US-focused oil and gas strategy by acquiring shares on-market this month.

On December 17 he acquired 500,000 shares and on December 19 another 500,000, both for an indirect superannuation interest.

The total value of these purchases was more than $10,500.

Brookside’s chairman now holds 500,000 shares in direct interest and a total of 3.5 million shares in indirect interests.

READ: Brookside Energy achieves strong, sustained production from Woodford Shale well

Earlier this week the company confirmed strong, sustained production results from its first Woodford Shale well in the world-class Anadarko Basin (SCOOP Play) in Oklahoma.

The Bullard #1-18-07UWH well has now produced about 110,000 barrels of oil equivalent (BOE) (65% oil) in less than three months.

Brookside’s first three months net revenue is estimated to be about US$850,000, attributable to its 20.57% working interest.

Notably, 43% of drilling and completion capital expenditure has been recovered in just three months.

READ: Brookside Energy declares maiden reserve of 3.45 million barrels from Anadarko Basin in US

This month the company also announced maiden reserves of 3.45 million barrels of oil equivalent (MMboe), confirming the success of its acreage acquisition and re-valuation strategy in the Anadarko Basin.

With these net oil and gas reserves attributable to around 20% of its total holdings in the basin, the company is confident of growing the total.

The combined NPV10 of this reserve is US$12.5 million with forecast future net revenues of US$37.75 million.

Proven reserves are estimated at 2.83 MMboe, or around 82% of total reserves, with a further 617 MMboe in the probable reserve category.

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