CALGARY, ALBERTA (Jul. 15, 2019) – Karve Energy Inc. (“Karve” or the “Company”) is pleased to announce that it has closed the acquisition of High Ground Energy Inc. (the “Acquisition”) effective July 15, 2019.
The Acquisition adds sweet, light oil-weighted Viking assets which are contiguous to Karve’s existing core area at Monitor, including approximately 2,000 boe/d of production (52% liquids). The Acquisition increases Karve’s dominant footprint in the Alberta Viking and enables near term expansion of the Company’s waterflood project on acquired lands.
Karve will provide additional information about the Acquisition and an update on 2019 guidance in its quarterly reporting to shareholders for the three and six months ended June 30, 2019 on August 7, 2019.