Vital Resources works to close S. Sumatra old fields acquisition

Calgary-based junior oil, gas exploration firm Vital Resources Corp. said on Wedesday it continued to work towards the potential closing of the acquisition of Ramok and Senabing oil fields onshore South Sumatra.

The company said it had commissioned GLJ Engineering to prepare the field?s reserve and resource estimate.

The company said in October 2007 it would pay US$13.6 million to acquire the fields.

Ramok and Senabing oil fields were discovered by the Dutch (BPM) in the early 1900s and production was stopped during the colonial area.

Commercial production was restored to Senabing in 2001 and Ramok in 2005. Total current production is approximately 85 bbls/day, which is primarily from Senabing field.(alex)