Energy Today Inc. (OTCQB: NRGT) has signed an agreement to acquire Rosdanex Ltd., a Cyprus-based oil and gas holding company. Rosdanex owns two oil and gas companies in Russia: Kumskaya Neft LLC (Kuma Oil) and Rufyeganneftegaz LLC (Ryfneft).
Kuma Oil and Ryfneft both own concessions in Russia’s oil-rich Western Siberia. Kuma Oil is a licensed mineral developer in Russia which currently has fields explored and mapped with production plans in place. Kuma Oil’s initial field is expected to produce 400,000 barrels of oil over the next 12 months.
The oil reserves were qualified in a 2011 study by Miller Lents, a Houston-based petroleum consulting firm, as having 5,430,000 barrels of proven reserves and 20,140,000 barrels of probable reserves and subsequently verified to have 105,000,000 of proven and probable reserves. Fully developed, these reserves have an estimated net asset value (NAV) of approximately $525 million from the combination of proven and probable undeveloped reserves.
Ryfneft’s Mykhlor and Ruf-Yegan oil fields are located in the Mykhlor and Ruf-Yegan areas. Production began in the Mykhlor oil field in 1995 and in the Ruf-Yegan oil field in 2001. Prospective reserves in the Mykhlor and Ruf-Yegan license areas were estimated by Rosnedra’s State Reserve Committee in the research work called “Supplement to the project of geological study of Mykhlor and Ruf-Yegan license areas.”
As of January 2013, the Mykhlor and Ruf-Yegan reserves are estimated at 35 million barrels of proven and probable reserves. Ryfneft is currently producing approximately 25,000 barrels per month. In the first quarter of 2013, QED Connect Inc. (OTCPink: QEDN) purchased a control block in Energy Today Inc. and subsequently completed a recapitalization in April.
Energy Today is focused on acquiring and developing oil and gas properties that have proven and probable reserves. With the acquisition of Rosdanex, the company has now launched its strategy to develop its business plan. QED will continue to hold an ownership position in Energy Today post-acquisition.
Energy Today is an independent energy company focused on the exploration, exploitation, acquisition and production of natural gas and crude oil worldwide. Its strategy is to identify prospects, acquire the concession, and provide the necessary capital and management to maximize the opportunity. Energy Today has developed an oil and gas portfolio of proven and probable reserves, as well as development and exploratory drilling opportunities on multiple high-potential prospects.