Primary Petroleum Adds Bakken Expertise to Its TecPrimary Petroleum Adds Bakken Expertise to Its Technical Team and Board of Directors
10 Jan 2011 10:01 ET
Marketwire
Primary Petroleum Corporation
January 10, 2011 - 10:01:04 AM
Primary Petroleum Adds Bakken Expertise to Its Technical Team and Board of
Directors
CALGARY, ALBERTA--(Marketwire - Jan. 10, 2011) - Primary Petroleum Corporation
(TSX VENTURE:PIE)(PINK SHEETS:PETEF) ("Primary" or the "Company") is pleased
to announce that James R. Ehrets, P.Geol., has joined Primary's technical team
and the Board of Directors, effective immediately.
Mr. Ehrets brings 30 years of experience as a Petroleum Geologist to Primary's
current technical team. His past experience includes the last four years as VP
Exploration for Headington Oil Company, LLC ("HOC"). As a member of the senior
management team for the Texas-based independent, his responsibilities included
management of HOC's horizontal Bakken drilling program in the Williston Basin
which culminated in the $1.85 billion divesture to XTO Energy. Previously, Mr.
Ehrets also served as a consultant to various CamWest Companies where he was
involved in horizontal drilling programs in the Northern Rockies and also
provided technical assistance for their $300 million asset divestiture to
PrimeWest Energy.
"Mr. Ehrets' experience in the geological evaluation and interpretation of oil
bearing formations, in particular the Bakken and Three Forks in Montana, will
be a great asset to Primary as we move forward in 2011 to further develop our
Alberta Basin Bakken prospect in Western Montana and our Williston Basin joint
venture prospect in Daniels county in northeastern Montana," comments Rod
Haverslew, VP Exploration.
Jim Ehrets comments, "Primary has assembled a strategic acreage position in
the developing Bakken Fairway in northwestern Montana, and I am pleased to be
involved in advancing operations to the drilling stage. The recent
demonstration of key components of the Bakken Petroleum System in the South
Alberta Basin makes this a very attractive area for the exploration and
development of potentially significant oil reserves."
Mike Marrandino, President & CEO states: "Mr. Ehrets' Bakken experience in
both exploration and exploitation in Montana strengthens our team. Our Company
and its shareholders are fortunate in retaining someone of this calibre to
both our technical team and Board of Directors as we move forward as the
largest land holder of non native freehold leases in the Alberta Basin
Prospect in Western Montana."
The Company has granted Mr. Ehrets 400,000 stock options, pursuant to the
Company's Stock Option Plan, at an exercise price of
.83 per share and
exercisable up to and including January 10, 2016. The issuance of these stock
options is subject to the approval of the TSX Venture Exchange.