Radiant Oil & Gas Inc., an independent exploration and production (E&P) company based in Houston, has acquired a legacy oil and natural gas field in Louisiana for future redevelopment.

Radiant said Wednesday it has purchased the Garnet project, a 1,000-acre field in St. Mary Parish, LA, from an undisclosed seller. The company said it outbid four other parties in a competitive lease sale for the field, which was originally discovered and developed by Sun Oil Co., predecessor of Sunoco Inc. Radiant did not disclose the amount of its winning bid.

The company said that based on management estimates, the Garnet project will add more than $45 million to Radiant's PV-10 [present value of estimated future oil and gas revenues, net of estimated direct expenses, discounted at an annual discount rate of 10%] reserves. The company added that an analysis of the project was under way to confirm management's initial estimates.

"This acquisition is consistent with our strategy of purchasing and redeveloping long-lived, historically producing assets in the Gulf Coast," said CEO John Jurasin. "As interest in unconventional shale plays has surged, we continue to see a number of overlooked opportunities to acquire quality, mature projects in conventional areas at compelling valuations.

"Garnet in particular offers a unique opportunity. Because the field has been extensively studied, and we have experienced crews in the region, we are confident that we can quickly get this project commercially producing and generating cash flows."

According to Radiant, Garnet is one of a series of oil and gas fields from an original discovery that contains approximately 500 wells. Since 1965, the wells are estimated to have produced more than 59 million bbl of oil and 2.8 Tcf of gas. Radiant said it has already identified 21 areas where it plans to rework abandoned wells or drill new ones.

Radiant currently holds approximately 5,000 net acres and serves as operator for five projects: Coral, Ensminger, Onyx and Taylor Point in Louisiana, and Natchez in Mississippi. The company reported $682,672 in oil and gas revenue and 6,644 bbl of oil production during 2Q2014.