NR - Passport Energy Rig Mobilization for Hardy BaPassport Energy Rig Mobilization for Hardy Bakken Field, Saskatchewan
Calgary, Alberta CANADA, May 11, 2011 - Passport Energy Ltd. (PPO - CNSX), ("Passport" or the "Company") is pleased to announce that its partners and operator, American Eagle Energy Inc. and Eternal Energy Corp. have commenced drilling operations, on Passport's first horizontal well in the Hardy Bakken Field, located in Southeast Saskatchewan.
A multi-stage fracture completion program will commence following drilling operations. The well will then be produced over an extended period to evaluate the economic value of the Bakken formation in the Hardy area.
Under the terms of the "Farm-in-Agreement", Passport will earn a 25% working interest on the first well, with an option to participate in a second location (under the same terms). Upon completion of the commitment wells, Passport will earn a 25% working interest in the associated acreage.
The original Hardy Bakken field discovery was made in 2008. The discovery well was subsequently shut in because of mechanical problems. A well work-over was recently completed that successfully re-established production from the well.
Frank Port, President said, "This is a very exciting time now for the company and shareholders as we enter into this phase of operations. We continue to look at other oil and gas opportunities that play into our strengths with our management team's skill sets."
Passport Energy is a junior natural resource exploration company focused on the acquisition, exploration, and development of economically viable natural resources, with a focus on Bakken oil and gas projects. The Company currently owns 60% in over 43,000 gross acres of oil and gas leases in "The SweetGrass Arch" Prospect, located in Toole and Pondera Counties, Montana. The SweetGrass Arch prospect has significant gas potential and Bakken oil potential. The Company has entered into a Farm-in Agreement allowing it to earn a 25% interest on up to two wells and associated acreage in the Hardy Bakken Field in south-eastern Saskatchewan, while the Company continues to seek additional oil and gas opportunities.
The Company trades on the CNSX under the trading symbol "PPO".
The CNSX does not accept responsibility for the adequacy or accuracy of this news release.
For more information, please refer to the Company's public documents available on SEDAR (
www.sedar.com).
For further information contact:
Frank Port
President and Director
Tel: (403) 770-9584
E-mail: fport@passportenergy.com
Website:
www.passportenergy.com