The $10,500 purchase increases his overall holding in the company to 5.5 million shares.
Brookside is focused on developing and monetising its assets in the world-class Anadarko Basin in Oklahoma.
Real Estate Development approach
The company is executing a Real Estate Development approach to acquiring prospective acreage in the Anadarko Basin and adding value to it by consolidating leases and proving up oil and gas reserves through exploration.
Brookside then has the option of selling the revalued acreage or maintaining a producing interest.
This model is commonly used by private equity investors in the sector and has been successfully piloted by Brookside in the northern Anadarko Basin’s STACK Play.
Brookside’s acreage is located in the Anadarko Basin, specifically in the STACK and SCOOP Plays.
Three nearby wells recently online
Last week, Brookside highlighted significant initial production results from wells drilled adjacent to the company’s SWISH Area of Interest (SWISH AOI) assets.
Three new wells have recently come on-line within the SWISH AOI, delivering average initial production rates (IP24) of almost 2,000 barrels of oil equivalent (BOE) per day (~78% oil) from horizontal wells drilled in the Sycamore formation (Brookside’s primary target) and the Woodford formation.
These new wells are all located very close or adjacent to Drilling Spacing Units (DSU’s) in which Brookside has acquired a working interest.
Step-in agreement with Stonehorse Energy
Stonehorse listed on the ASX in August 2019 and has a step-in agreement with Brookside providing access to a pipeline of well bore opportunities in the Anadarko Basin.