150 meters north of J19 had an IP of 300 bopd Hi Friends, Shareholders & those just dropping by.
Crescent Point has acquired CanEra (News Paper Article Below). Crescent Point, not CanEra will now be drilling on Petro One`s J11 property very soon. This was the secong Farm out done with a Senior Oil Producer by the Petro One Management Team. Petro One was an early mover into this new emerging play that has become the hottest area in South East Sask. There is ZERO land available now in South East SASK and POP has prime projects surrounded by production and Senior Oil Producers.
I have highlighted POP`s assets in this new ground breaking area below that's changing companies overnight.
No other Junior has exposure to assets like this below.
MINTON, SASKATCHEWAN RED RIVER / BAKKEN PROPERTIES
The
recent discovery of oil in the Bakken in Minton has generated a
new play in this area, which was already known for its prolific
Red River oil producers. One of the best Red River wells in the Minton-Hardy South area is within
150 metres of J19 and several new horizontal wells are now targeting oil in the Bakken formation adjacent to Petro One’s properties.
A Red River well located only
150 meters north of J19 had an IP of 300 bopd with cumulative production of 212,180 bbl to date. Another Red River well located just
185 meters east of J11 has produced 255,647 bbl to date, and there is another Red River producer located only
195 meters east of J28 with an IP of 379 bopd and cumulative production of 164,655 bbl to date. The J12 property has a Red River producer just 185 meters to the west, and J13 has strong Red River producers both to the
north and east with 3 month initial production of up to 599 bopd, and total production to date of 234,298 bbl. Sample cuttings from one of these Red River producers also confirmed the presence of oil in the Bakken. The best Red River well in the area had an
IP of 926 bopd, has produced 2.25 million bbl to date, and
remains in production. A strong Bakken well terminates only
250 metres from the J19 property, and had a 3 month IP of 109 bopd. The Red River and Bakken production from these surrounding wells confirms the strong dual-zone potential of the
J11 parcel (Now Cresent Point) as well as Petro One’s
100% owned J12, 13, 19 and 28 properties.
Petro One’s technical team continues to evaluate and compile data on its properties in preparation for farmouts, joint ventures, and partnerships. Based on the discovery of Bakken oil at Minton, Viking oil at Milton, Frobisher oil at Bromhead, and Rosebank, and strong supporting data from its other properties, the technical team is confident that its Saskatchewan and Manitoba assets will continue to provide additional oil discoveries.
Crescent Point to buy CanEra Energy in deal worth $1.1B
Canadian Press | April 23, 2014 | Last Updated: Apr 23 3:54 PM ET
More from Canadian Press
CALGARY — Crescent Point Energy Corp. has signed an agreement to buy CanEra Energy Corp., a privately held oil and gas producer in southeast Saskatchewan, in a deal valued at $1.1-billion, including debt.
CanEra’s assets include a large land position in the Torquay area in Saskatchewan, where Crescent Point is active, and production of approximately 10,000 barrels of oil equivalent per day.
Under the deal, Crescent point has agreed to pay 12.9 million shares, $192-million in cash and assume $348-million in debt.
With the acquisition, Crescent said it expects its production and funds flow from operations to be higher than earlier expected.
The company said it expects to finish the year with production of 145,000 boepd, up from earlier guidance for 135,000. Average daily production is expected to be 133,000 boepd, up from 126,500.
Crescent Point’s funds flow from operations for 2014 are expected to increase by6% to $2.38-billion.
Looks like Petro One is going to have a intertesting summer !!!
Always do your own due-dilligence.