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Western Standard Energy Announces Agreement to Acquire Additional Bakken, Lodgepole Reef Prospect
Friday April 18, 9:00 am ET
WILLISTON, N.D.--(BUSINESS WIRE)--Western Standard Energy Corp., (OTCBB:
WSEG -
News) (or the
“Company
”),an oil and gas exploration company, is pleased to announce it has signeda Memorandum of Intent to acquire the Rocheford 27-1 Lodgepole ReefProspect located in Stark County, North Dakota. Prior to theacquisition, the Company sought out the expert assessment ofindependent, third-party geologist Jamil Azad who was of the opinionthat the geochemically high graded Rocheford 27-1 prospect can beexpected to produce commercial quantities of oil.
This prospect would mark the Company
’s seventhLodgepole Reef property located in North Dakota
’sprolific Bakken Formation. According to a report released on April 10,2008 by the United States Geological Survey (
“USGS
”),
“North Dakota and Montana have an estimated3.0 to 4.3 billion barrels of undiscovered, technically recoverable oilin an area known as the Bakken Formation.
”.This estimate shows a significant leap from an estimate made by thegovernment agency during its last assessment of the area in 1995, whichshowed a potential recoverable 151 million barrels of oil.
The Lodgepole Prospect is the third area that Western Standard isinvolved with in the Bakken Formation. Accompanying this play areWestern Standard’s Starbuck East and StateLease Prospects in Montana, also located on the Bakken Formation. Uponofficial acquisition of the Rocheford 27-1 Lodgepole Reef Prospect, theland is set to be surveyed and preparations will be made to bond thewell.
"We are pleased to have gained another opportunity to expand ouroperations in the Bakken Formation," stated Dan Bauer, President and CEOof Western Standard Energy. “Coupling thegeological report and that from the USGS, we believe this prospect canbe an integral part of our expansion and development within the region.We will continue to seek out new opportunities to broaden our interestsin this area as we believe it is key to our growing value.”
The results of the USGS assessment can be downloaded from the USGeological Survey website at:
https://pubs.usgs.gov/fs/2008/3021/
About Western Standard Energy Corp. (the “Company”)
Western Standard Energy Corp. is an independent oil and gas explorationcompany. The Company aims to secure and develop a portfolio of oil andgas properties throughout the Central and Western United States ofAmerica. The Company is a publicly traded company and trades on the OTCBB under the ticker symbol: WSEG. Shareholders are invited to contactcorporate communications toll free at (888) 956-7843 for furtherinformation or to visit our website at www.western-standard.com.
Western Standard Energy Corp.
Dan Bauer, Preside