Vega acquires Tulsa-based Toklan in $15 million deal
OKLAHOMA CITY (OBV) — Vega Upstream JV completed its acquisition of Tulsa-based Toklan Oil and Gas Corp. and affiliated companies for a net purchase price of $15 million, expanding its operations in the Western Anadarko Basin, according to a company announcement.
Toklan operates 28 producing wells on approximately 7,000 net acres and holds interests in more than 250 additional wells operated by other companies. Combined net production from the portfolio recently totaled approximately 500 barrels of oil equivalent per day.
The acquisition also includes West Thomas Field Services, which owns and operates gathering infrastructure and associated surface acreage.
Vega Chief Operating Officer Christopher Czuppon said the company is evaluating approximately 58 operated and non-operated drilling locations before beginning a development drilling program. Potential targets include the Cherokee Shale, Red Fork, Cottage Grove, Meramec, and Woodford formations.
Czuppon said Vega is also evaluating additional acquisitions and drilling opportunities across western Oklahoma and the Texas Panhandle.
Toklan was founded in 1963 and is registered as an operator with the Oklahoma Corporation Commission.
