illust. courtesy Irvine Energy

U.K.-listed independent Irvin Energy has bought a 50 percent stake in 52,000 acres of oil and gas leases in Oklahoma from local producer Metro Energy Group for $11.1 million, in a deal that includes shale developments.

Irvin had sought the proven Woodford Shale and emerging Caney Shale projects and “multiple stacked conventional reservoirs” of 20 producing oil and gas wells. It’s new cache includes 50 percent of the Niobrara shallow gas play in Kansas.

Irvin appears set to finance the deal with a revolving loan and the listing of ordinary shares, however the company has already begun an aggressive two year work programme at its conventional and shale assets in Kansas.

Irvine’s new proven reserves include 40 cubic feet of equivalents and 409,000 cfde in net daily production, although “a large prospect inventory with up to 550 drilling locations identified” is said to be included.