Source Rock Royalties – Royalty Acquisition With Minimum Drill Commitments, Record Q3 Financial Results
Brad Docherty, Founder, President and CEO of Source Rock Royalties (TSX.V:SRR) (“Source Rock” or the “Company”) joins me to recap the recent royalty acquisition in the Clearwater oil lands in central Alberta and the Q3 revenue and operational results.
On December 4th Source Rock announced a $8million deal to acquire a gross overriding royalty (“GORR”) in 60,800 net acres of land in the Figure Lake area. The operator on the land is Rubellite Energy (TSX:RBY). We discuss what attracted Source Rock to the land and outline the drill commitment for 59 additional horizontal wells. I also ask Brad what the strategy will be moving forward on the acquisition front.
We then move to the November 28th news release reporting the Company’s Q3 financial and operating results. It was a record quarter for the Company in terms of production, revenue and cash-flow.
Please email me with any follow up questions for Brad. My email address is Fleck@kereport.com.