Primary Petroleum Corporation (CVE:PIE) reports an update on the advancement into an exploration phase on its 242,000 net acre Pondera-Teton prospect, Alberta.
The press release is quoted as saying:
The Company intends to commence its $14 million CAPEX exploration program with a proprietary 3D seismic program of up to 100 sq. miles covering four prospect areas over its’ 242,000 net acres, followed up with six vertical wells and one horizontal test well to analyse and test the Lodgepole, Bakken and Three Forks Formations for exploitation and development.
Primary Petroleum’s President and CEO, Mike Marrandino says:
“We are very excited to be moving forward into the exploration phase on our Alberta Basin Bakken prospect in Western Montana. Our Land Acquisition strategy will continue on a more focussed approach to enhance our current 3D seismic program. The proposed drill program will allow our technical team’s ability to further evaluate, understand and de-risk our Alberta Basin Bakken prospect for future exploitation and development with an industry partner.” “The latest Industry Research reports 44 Companies on both sides of the border have acquired acreage in the Alberta Basin Bakken area of interest in southern Alberta and western Montana that outlines a fairway of approximately 175 km (110 mi) north-south, and 55 km (35 mi) east-west. To date, there has been over 48 wells identified and approximately $0.5 billion spent on land acquisition, exploration and drilling that are seeking to exploit this early-stage Bakken discovery area that has the vast potential for multiple of billions of barrels.”