Artisan Energy Corp. (
TSX: V.AEC,
Stock Forum) said that it has entered into a joint venture with a Calgary based intermediate oil producer to pursue and test opportunities on Southern Alberta lands prospective for Bakken oil production.
The Joint Venture area encompasses approximately 65,000 acres of prospective crown lands.
According to the
Artisan Energy press release, terms of the joint venture allow for Artisan to participate with a 30% working interest in future land acquisitions and joint activities including but not limited to the deepening of existing wellbores for the purpose of testing the Bakken.
Pursuant to the joint venture, Artisan acquired 830 net acres of crown land at the Sept. 11, 2013 sale.
In addition to the joint venture, Artisan drilled a 100% WI Southern Alberta Bakken vertical test well in June to earn lands and evaluate an eastern extension to an intermediate producer's Ferguson oil pool.
The company was encouraged with the results and knowledge gained from this vertical test well, however further development will require additional financing and expending capital to drill horizontal wells.
Activities targeting the Bakken formation are in addition to Artisan's plans to develop its existing Sawtooth oil potential in Southern Alberta.
Artisan now has a total of 7,014 net acres prospective for oil in Southern Alberta.
Artisan is an emerging oil and gas producer with a focus on opportunities in Alberta.
On Monday morning, Artisan was trading at $0.47 a share. The company had a market cap of $29.6 million, based on 63 million shares outstanding.