Up to 50 BCF per sectionPanterrra has already performed more testing than ATI.v PCQ.v etc.
Next step is to farm out a section to a Major...
It is PanTerra's intent to drill for and establish shallow gas on our properties, with the intent of establishing a Net Asset Value (NAV). Once the NAV has been established PanTerra may choose to entertain offers from well financed Major Companies to develop the reserves or the Company may choose to sell its asset.
To date PanTerra has drilled a total of 41 wells on all of its four properties. Geochemical analyses was conducted on all of our drill cuttings, as well a total of 51 cores were cut and sent to a Utah based shale gas core analysis facility. All technical information received to date indicates sufficient gas in place to warrant further exploration and development.
TerraTek indicates that as much as 22 bcf gas-in-place per section could exist on our Foam Lake properties and up to 50 bcf gas-in-place per section could exist on our Moose Jaw properties. These numbers were based on all zones including the Viking formation up to the base of surface casing.
In a report commissioned by PanTerra (effective December 31, 2006), Sproule Associates Limited indicated the presence of gas in all PanTerra Permit Areas. Sproule’s numbers were based on drilling and technical data supplied to Sproule from all of our areas. Sproule indicated that gas is present and there may in fact be as much as 8.5 Tcf Original Gas In-Place on Company lands. The Sproule numbers were based on specific zones in each well.