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Spruce Ridge Resources Ltd. has entered an agreement to acquire mineral leases and oil and gas rights in Saskatchewan from Repsol Canada Energy Partnership for $50,000. The acquisition includes 5 active oil wells, 10 suspended wells, pipelines, and a produced water disposal well, covering 793 ha with an average working interest of 84%. With current crude prices, Spruce Ridge aims to start production from 5 to 7 oil wells, reducing operating costs and potentially generating additional revenue from third-party disposal arrangements. The asset holds significant undeveloped resource potential.
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