Bakken newsnews below not inserted with the intent to pump SSN.V, as I don't own shares in SSN.V, anything that is Bakken potential is great support for PAN.V, IMO!
Good luck to ALL!
Cheers;
Rob
Stetson Oil & Gas (SSN) leases North Dakota oil and gas rights.
In resources news, Calgary-based Stetson Oil and Gas (TSX:V.SSN, Stock Forum) announced late Friday afternoon that it received a signed resolution from the Tribal Council of the Three Affiliated Tribes of the Fort Berthold Reservation in North Dakota to lease oil and gas mineral rights.
Stetson says the 8,570 acres of Tribal Lands are near 4,500 additional acres of Freehold lands that the company has leased, subject to approval of the Bureau of Indian Affairs.
The company says it considers the lands to be prospective for development of light oil and solution gas from the Bakken formation.
Based on interpretation of well logs from older vertical wells drilled on or near the leased land, Stetson says it expects to encounter a minimum thickness of 25 feet in the middle Bakken formation. Oil and gas shows from two of these vertical wells suggest to Stetson that the zone contains hydrocarbons. Stetson is pursuing contract services for drilling and hopes to commence exploratory drilling operations on its lands late in the fourth quarter of 2008.
Shares of Stetson Oil and Gas were up 9.1% to 60 cents as of 4:00pm EST, Friday.
On the Bullboard at the end of the day, goldwatch69 posted a comment on the announcement, entitled “Nice surprise on a Friday”saying “8500 acres in the Bakken ! read the news ! wish i could buy more [sic].”