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ADM Energy JV Advances Planned US Oil, Gas Portfolio Acquisition

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Energy investment group ADM Energy (ADME.L) said Friday that Vega Upstream JV, its joint venture with Covenant Oil Group, is progressing with the planned acquisition of a portfolio of oil and gas assets in Oklahoma, US.

Vega Upstream JV has so far invested $950,000 toward the proposed acquisition, which comprises a 49.4% working interest in 28 operated natural gas, natural gas liquids, and oil wells; a 3.9% working and/or overriding royalty interest in 250 non-operated natural gas, natural gas liquids, and oil wells; and a natural gas gathering system.

ADM Energy recently raised its stake in the joint venture to 25% from 10%, and has the option to increase it up to 35%.

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