Irvine Energy acquires US oil & gas leases

Irvine Energy plc has completed the acquisition of a 50% working interest in a further 27,337.2 gross acres of oil and gas exploration and production leases in Oklahoma for a cash consideration of US$5,529,500 and unsecured loan notes of US$4 million.

The transaction completes Irvine’s acquisition of oil and gas assets from its US partner Metro Energy announced on 16 July 2007, which was subject to due diligence and arrangement of necessary finance. The latest leasehold acquisition follows those announced on 3 September 2007, 8 November 2007 and 18 December 2007 and brings the Company’s total portfolio of oil and gas exploration and production leases to 167,000 gross acres across Kansas and Oklahoma.

Irvine Managing Director Aaron Close said that the deal with Metro has enabled us to rapidly accelerate our development, expand our land position, and provides us with low cost oil and gas production and exploration targets within highly prospective and proven oil and gas regions. This is a very positive beginning to 2008 especially as we have reached all our current acquisition targets on schedule and entered the production phase of our development.