Re: Yangarra quietly acquiring acreages
In our view, the most interesting results were near Chedderville where Yangarra Resources acquired 2 sections for $0.4 million (average of $300/ acre). Rights acquired were from surface to the base of the Cardium Formation. The acquired lands are offsetting some of Yangarra's recent drilling activity and the area is slated to be a focus area for 2019 (see Q1/19 results). We have seen some relatively robust results from Yangarra at Chedderville (see Q4/18 resultsand Exhibit 1) and this small land acquisition helps improve its footprint on the area. Finally, we note that there are 13.75 sections posted at the September 25, 2019 Crown land sale that include Cardium rights. Should the company bid on and successfully acquire the posted acreage, it could materially increase its land position in the area.
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