Prairie West Oil and Gas Increases Footprint In Energy Rich Geographical Area
(firmenpresse) -
Prairie West Oil and Gas Increases Footprint In Energy Rich Geographical Area
Purchase increases asset, reserve and resource evaluation numbers above $22,957,000 (CDN) undiscounted.
CALGARY, Alberta Canada/January 30, 2012 -- Today Prairie West Oil and Gas is pleased to announce that it has increased its footprint in the Shackleton area by finalizing an agreement to purchase an additional 49% interest on top of its existing natural gas holdings located near Shackleton Saskatchewan Canada. This purchase increases the company's asset, reserve and resource evaluation numbers above $22,957,000 (CDN) undiscounted.
Vice President Anthony Sarvucci: "This purchase is another example of management's ability to act swiftly with the goal of taking advantage of opportunities that are beneficial to both the company and its shareholders. This deal is 100% complete and the impact to Prairie West's bottom line will be immediate."
Prairie West plans on using the latest technology to perform multiple workovers on the property to increase the efficiency, operational output and revenue potential of the project. In addition, the company is beginning to lay the ground work for a spring drilling program that will further add value to Prairie West's growing production portfolio.
Prairie West would like to also at this time report that the heavy oil acquisition mentioned in the company's previous news release is still in the due diligence process and indications look good moving forward. If successful, the purchase would represent additional heavy oil production over and above the increased natural gas production discussed above as each purchase agreement is distinct and separate.
About Prairie West Ltd.:
Prairie West Oil & Gas is a producing energy company with both established production and assets within the center of Canada's highest reserve epicenters; the oil boom provinces of Alberta and now Saskatchewan. Prairie West operates under the notion that now is the time to take advantage of favorability priced acquisitions and joint ventures while constantly striving to reduce the cost of doing business. The goal is to build for the future while remaining focused on the short term profitability that rewards early shareholders.
The experienced team at Prairie West has the expertise and proven execution required for success in today's rapidly changing energy sector. This has been clearly demonstrated with the Maidstone acquisition, the more recent eleven well expansion located in close proximity to current production and a new 27 well producing gas play in Saskatchewan Canada.
Prairie West's primary long-term development project is strategically placed within the highly productive Twining area which is surrounded by major multi-national energy giants such as EnCana, Suncor and Devon Energy. This project is immediately adjacent to the enormous Twining Rundle/Mannville Pool with original oil in place of 1.013 billion barrels equivalent.
Leseranfragen:
Prairie West Oil and Gas
Gary Pearce
888 3rd Street SW Suite 1000
Calgary, Alberta T2P5C5
TEL. 403 444 6880 403 444 6880
Datum: 30.01.2012 - 10:27 Uhr
Sprache: Deutsch
News-ID 108715
Anzahl Zeichen: 3136
contact information:
Town:
Wien
Kategorie:
Business News
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