Exploration & Production | Deals - Acquisition, Mergers, Divestitures
PetroBakken Details Swan Hills Farm-In Agreement
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PetroBakken Energy Ltd. has reported recent exploration developments with respect to the highly prospective Beaverhill Lake formation in the Swan Hills area, which it has targeted as one of our key new resource growth areas.
Recent farm-in agreements with Arcan Resources Ltd. has enabled the company to secure up to 21.5 (11.25 net) sections of land within the prospective areas of the play by drilling 5 commitment wells and 2 option wells. Upon completion of these farm-in wells and combined with its existing acreage, PetroBakken will have 90.5 (78 net) sections of land in this play with more than 175 potential net drilling locations identified.
To date, the company has drilled 1 well and participated in 1 (0.5 net) farm-in well, and is currently drilling 2 additional net wells targeting…
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