GREY:CUDBF - Post by User
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gksrcn61on Aug 04, 2014 3:59pm
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Post# 22807940
150 meters north of J19 had an IP of 300 bopd
150 meters north of J19 had an IP of 300 bopd150 meters north of J19 had an IP of 300 bopd
Petro One has signed a $100,000,000 JV with the Korean Government to become a significant Oil producer in Canada. James West from the Midas Letter is calling it the biggest news on the venture in 24 months.
CanEra was bought out by Crescent Point for 1.1Bill CDN on April 23rd of 2014. Petro One is surrounded by this land and POP is the only player other than Crescent Point to have land in this exciting are.
Please read the 51-101 complaint information written by an independent Oil Geologist about Petro One’s lands in this exciting new area that’s changing companies overnight.
Petro One was an early mover into this new emerging play that has become the hottest area in South East Sask. There is ZERO land available now in South East SASK and POP has prime projects surrounded by production and Senior Oil Producers.
No other Junior has exposure to assets like this below.
MINTON, SASKATCHEWAN RED RIVER / BAKKEN PROPERTIES
The recent discovery of oil in the Bakken in Minton has generated a new play in this area, which was already known for its prolific Red River oil producers. One of the best Red River wells in the Minton-Hardy South area is within 150 metres of J19 and several new horizontal wells are now targeting oil in the Bakken formation adjacent to Petro One’s properties.
A Red River well located only 150 meters north of J19 had an IP of 300 bopd with cumulative production of 212,180 bbl to date. Another Red River well located just 185 meters east of J11 has produced 255,647 bbl to date, and there is another Red River producer located only 195 meters east of J28 with an IP of 379 bopd and cumulative production of 164,655 bbl to date. The J12 property has a Red River producer just 185 meters to the west, and J13 has strong Red River producers both to the north and east with 3 month initial production of up to 599 bopd, and total production to date of 234,298 bbl. Sample cuttings from one of these Red River producers also confirmed the presence of oil in the Bakken. The best Red River well in the area had an IP of 926 bopd, has produced 2.25 million bbl to date, and remains in production. A strong Bakken well terminates only 250 metres from the J19 property, and had a 3 month IP of 109 bopd. The Red River and Bakken production from these surrounding wells confirms the strong dual-zone potential of the J11 parcel (Now Cresent Point) as well as Petro One’s 100% owned J12, 13, 19 and 28 properties.
Petro One’s technical team continues to evaluate and compile data on its properties in preparation for farmouts, joint ventures, and partnerships. Based on the discovery of Bakken oil at Minton, Viking oil at Milton, Frobisher oil at Bromhead, and Rosebank, and strong supporting data from its other properties, the technical team is confident that its Saskatchewan and Manitoba assets will continue to provide additional oil discoveries.
Crescent Point to buy CanEra Energy in deal worth $1.1B
Canadian Press | April 23, 2014 | Last Updated: Apr 23 3:54 PM ET
More from Canadian Press
CALGARY — Crescent Point Energy Corp. has signed an agreement to buy CanEra Energy Corp., a privately held oil and gas producer in southeast Saskatchewan, in a deal valued at $1.1-billion, including debt.
CanEra’s assets include a large land position in the Torquay area in Saskatchewan, where Crescent Point is active, and production of approximately 10,000 barrels of oil equivalent per day.
Under the deal, Crescent point has agreed to pay 12.9 million shares, $192-million in cash and assume $348-million in debt.
With the acquisition, Crescent said it expects its production and funds flow from operations to be higher than earlier expected.
The company said it expects to finish the year with production of 145,000 boepd, up from earlier guidance for 135,000. Average daily production is expected to be 133,000 boepd, up from 126,500.
Crescent Point’s funds flow from operations for 2014 are expected to increase by6% to $2.38-billion.
Always do your own due-diligence.