Primary Petroleum Advances its Alberta Basin Bakken Prospect in Western Montana with $14 Million CAPEX Exploration Program
01 April 2011 - 4:17AM
Marketwired
Primary Petroleum Corporation (TSX VENTURE: PIE)(OTCQX: PETEF)
("Primary" or the "Company") is pleased to update its shareholders
and the investment community on the advancement into an exploration
phase on its 242,000 net acre Pondera-Teton prospect located in the
southern Alberta Basin Bakken fairway in Western Montana.
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. The commencement of
the 3D seismic program will start next week, and the Company
expects the seismic crews to be in the field in late May. The
current exploration program has been planned to enable Primary to
spud its first vertical test well by late summer and complete its
CAPEX program by the Company's fiscal year-end.
"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,"
states Mike Marrandino, President and CEO. "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."
Primary Petroleum is continuing ongoing discussions with
potential Industry Partners that have expressed an interest in a
Joint Venture opportunity with its Western Montana Bakken Fairway
prospect.
About Primary Petroleum Corporation - Primary Petroleum is a
junior oil and gas company engaged in exploration and development
activities in Montana and Alberta and currently holds substantial
land positions in two unconventional tight oil plays in North
America; the Saturn Prospect in the Williston Basin and the
Pondera-Teton Prospect in the Southern Alberta Basin. The Company's
mandate is to continue to acquire strategic land positions of merit
in the Sedimentary Basin of the Western United States and Canada
and seek out qualified industry partners to exploit and develop
them. To learn more about us, please visit our website at:
www.primarypetroleum.com.
FORWARD LOOKING STATEMENTS DISCLAIMER: Certain statements in
this document may contain "forward-looking statements" or
"forward-looking information" within the meaning of applicable
securities legislation. Such forward-looking statements or
information include, without limitation, forecasts, estimates,
expectations and objectives for future operations that are subject
to a number of assumptions, risks and uncertainties, many of which
are beyond the control of the Company. The Company does not assume
the obligation to update any forward-looking statement, except as
required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Primary Petroleum Corp. Mike Marrandino President
& CEO (403) 262-3132 mike@primarypetroleum.com
www.primarypetroleum.com Brisco Capital Partners Scott Koyich
President (403) 262-9888 scott@briscocapital.com Brisco Capital
Partners Gordon Aldcorn (403) 618-6507 gordon@briscocapital.com
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