Argent Energy Trust has signed a deal to buy a group of producing properties in Texas and Oklahoma for US$132.5 million. The properties have total estimated gross reserves of approximately 3.9 million barrels of oil equivalent on a proved basis and approximately 5.7 million BOE on a proved plus probable basis as at Dec. 31, 2011. Roughly 94 per cent of the proved plus probable reserves are oil. The remainder is natural gas. To fund the deal, the company will raise $110 million in an offering of 11 million units at a price of $10 per unit.
