PetroBakken Completes Plan of Arrangement With TriStar
CALGARY, ALBERTA-PetroBakken Energy Ltd., Petrobank Energy and Resources Ltd., and TriStar Oil & Gas Ltd. are pleased to announce the closing of the plan of arrangement whereby the companies have completed a strategic combination of TriStar and Petrobank’s Canadian Business Unit. The combination has resulted in PetroBakken, a new publicly listed company, that is a premier, Bakken-focused, light oil exploration and production company. It is anticipated that the PetroBakken shares will commence trading on the Toronto Stock Exchange under the symbol “PBN”, on or about October 6, 2009. Read more
The Bakken is the largest domestic oil discovery since Alaska’s Prudhoe Bay, and has the potential to eliminate all American dependence on foreign oil.
The Energy Information Administration (EIA) estimates it at 503 billion barrels. Even if just 10% of the oil is recoverable… at $107 a barrel, we’re looking at a resource base worth more than $5.3 trillion.
* “When I first briefed legislators on this, you could practically see their jaws hit the floor. They had no idea.” says Terry Johnson, the Montana Legislature’s financial analyst.
* “This sizeable find is now the highest-producing onshore oil field found in the past 56 years,” reports The Pittsburgh Post Gazette.
It’s a formation known as the Williston Basin, but is more commonly referred to as the “Bakken.” And it stretches from Northern Montana, through North Dakota and into Canada. For years, U.S. oil exploration has been considered a dead end. Even the “Big Oil” companies gave up searching for major oil wells decades ago. However, a recent technological breakthrough has opened up the Bakken’s massive reserves… and we now have access of up to 500 billion barrels. And because this is light, sweet oil, those billions of barrels will cost Americans just $16 PER BARREL! That’s enough crude to fully fuel the American economy for 41 years straight. To America, this discovery couldn’t have come at a better time. You see, when all the wells are finally drilled and pumping, we won’t have to import any foreign oil from the Middle East. Not a single drop! Read more
Oil investing in the Bakken is hot play
With a booming oil industry surrounding us, many people may be seeing the money thrown around and asking themselves, “How can I make money off oil?”.
Well, there’s more than a few ways to make money off the oil industry. One easy way, get a job in the oil industry. There are plenty of companies in the area searching for quality employees, and the pay is usually very good. Some people though, don’t want or need jobs in the oil industry and for those individuals there’s always the option of investing in the Bakken. Read more
