Prairie West Oil and Gas Ltd. enters into an agreement to purchase a 50% interest in four additional heavy oil wells next to the company's existing oil production.
(firmenpresse) -
Prairie West Oil and Gas Ltd. enters into an agreement to purchase a 50% interest in four additional heavy oil wells next to the company's existing oil production.
Low risk addition to production portfolio
CALGARY, Alberta Canada/April 22, 2012 --Canadian energy producer Prairie West Oil & Gas is today happy to announce that it has signed a letter of intent to purchase a 50% interest in four additional heavy oil wells next to the company's existing oil production in Maidstone Saskatchewan. These wells are currently producing 40-45bbl and Prairie West plans on taking full advantage of its existing footprint in the area for maximum operational savings.
Vice President Anthony Sarvucci: "Prairie West is looking at this acquisition as a chance to build on the company's previous successes in the Maidstone region. The purchase of additional low risk heavy oil production has been a top priority for the company and the entire team pleased to be on the cusp of achieving this goal so early in the spring season.
2012 is shaping up to be a great year for Prairie West and its shareholders with a number of major milestones set to be reached in the near future. Through the Shackelton expansion the Team has already increased Prairie West's assets past the $22,957,000 (undiscounted) value contained in the company's most recent NI 51-101 report and all indications point to Prairie West exceeding its aggressive growth targets moving forward."
The company would like to encourage all those with an interest in Prairie West to visit www.prairiewestonline.com as the site's projects page has recently been updated to better reflect current operations. The website also contains a sign up for the company's corporate newsletter that is the best source of information for people who would like to remain up to date on Prairie West's progression.
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: 23.04.2012 - 09:32 Uhr
Sprache: Deutsch
News-ID 137708
Anzahl Zeichen: 3298
contact information:
Town:
Wien
Kategorie:
Business News
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