Western Standard Energy Corp. Comments on US GovtReport - Up to 4.3 Billion Barrels Undiscovered Oil in MT and ND,Announces Second Montana Drilling Permit
Wednesday April 16, 9:30 am ET
WILLISTON, N.D.--(BUSINESS WIRE)--Western Standard Energy Corp., (OTCBB:
WSEG -
News) (hereafter
“WesternStandard
” or
“theCompany
”), an oil and gas exploration company,is pleased to announce its second drilling permit from the Bureau ofLand Management, a department of the U.S. Department of the Interior.The permit was granted to its operator partner, Coastal Petroleum, for asecond well on the Starbuck East prospect in Valley County, Montana. Thepermit pertains to a well location at Federal 1-21, which is a step-outwell from the exploration well at Federal 1-19 drilled to approximately1,000 feet in October, 2007, and currently remains on hold forcompletion and testing due to Federal land restrictions on access andusage until July 1 based on environmental and wildlife obligations.
The timing of the permit came prior to the recent results of a USGeological Survey (
“USGS
”)report that assessed the Undiscovered Oil Resources in the WillistonBasin where Western Standard has a 50% interest in the Starbuck EastProspect, as well a 25% interest in a State Lease, both areas combinedto approximately 100,000 acres in Valley County, Montana. This is inaddition to the company
’s 8 Lodgepole Reefprospects within the Williston Basin, in North Dakota.
According to the report released on April 10 by the USGS, “NorthDakota and Montana have an estimated 3.0 to 4.3 billion barrels ofundiscovered, technically recoverable oil in an area known as the BakkenFormation.” This estimate shows a significantleap from an estimate made by the government agency during its lastassessment of the area in 1995, which showed a potential recoverable 151million barrels of oil.
"Upon successful completion of our exploration well at the Federal 1-19,we plan to drill a second well on the Starbuck East lease at Federal1-21," stated Dan Bauer, President and CEO of Western Standard Energy. “Withthe recent assessment by the USGS on the potential for this area, wehave plans for further land acquisitions and will continue to assessopportunities to exploit the production potential of our currentprospects.”
The results of the assessment can be downloaded from the US GeologicalSurvey 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, President