SALTA, Argentina — Oil and gas company President Petroleum Co. has announced plans to acquire new fields in Argentina, according to Bloomberg.
President, based in London, wants fields that have already been discovered, where enhanced recovery techniques and renewed exploration can revive production.
Backed by former Imperial Energy Corp. Chairman Peter Levine, President acquired a 50 percent interest in the Puesto Guardian license in Salta province in northern Argentina in July.
Production from five wells there and two more in Louisiana will provide cash for the company to add acreage.
The company may produce 2,500 barrels a day by the end of next year.