Amadeus Energy (ASX: AMU) is preparing an announcement on a potential corporate transaction and has gone into an ASX trading halt.
The company had in early September increased its proven reserves at 1 July 2012 by 446,040 barrels of oil equivalent, or 8% over the year, to 4.6 million barrels of oil equivalent due to returning shut in wells to production and continuing its development drilling program.
Its operations are located in Texas, Oklahoma and Louisiana.
Over the 2011/12 financial year, Amadeus had drilled 14 new wells on its operated properties and completed nine of these for production.
Amadeus had said previously that it plans to drill up to 25 new development wells in the current financial year and restart production on more than 200 shut-in wells.
Recompletions and workovers are also continuing on its Texas acreage.
The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Tuesday 23rd October.
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