Primary Petroleum Corporation (CVE:PIE) reports that it was successful at the Western Montana State land sale auction where it acquired 31,286 net acres out of the 45,000 net acres.
The press release is quoted as saying:
The acquired state leases along with Primary’s ongoing Land Acquisition Strategy has enabled the Company to accumulate over 242,000 long term net acres (380 sections) in the Southern Alberta Basin Bakken Fairway of Western Montana.
Primary Petroleum’s President and CEO, Mike Marrandino says:
“We are very pleased with the results of the Montana State Land Sale, as the acquisition of these long term leases enables Primary to fill in the some of the gaps in its contiguous lease holdings in order to move forward with our 3D seismic and drilling program.” “As the largest contiguous lease holder south of the Blackfeet Indian Reservation in Western Montana, Primary is well positioned to exploit its current land holdings through the implementation of a 3D seismic, multi-well vertical and horizontal drilling program that it intends to execute through the balance of 2011.”