Invico Diversified Income Fund (“IDIF”) is pleased to announce it has closed a non-operated working interest deal for US$9.4 million in Wyoming’s Powder River Basin. The asset was purchased from a leading operator through IDIF’s U.S.-based subsidiary energy company and is expected to add 310 boe/d net revenue production as at April 2023. The transaction, which is 80% liquids-weighted, will help IDIF expand its current exposure in the U.S. and establish a presence within a new region.
Additionally, the acquisition is expected to add US$2.5 million in free cash flow for the remainder of 2023 and approximately US$3.3 million for 2024, based on strip pricing. It will also be immediately accretive to unitholder net asset value (NAV).
“I’d like to thank our Energy Team members Bruce Cameron and Sara Pettigrew for identifying, evaluating, and closing on this opportunity,” said Jason Brooks, President of Invico Capital Corporation and Portfolio Manager of IDIF. “Invico has quadrupled its oil and gas business since the onset of the COVID-19 pandemic and continues to monitor for opportunities to grow accretive unitholder distributions and NAV.”