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
North Dakota’s Bakken Oil Play
Mountrail County is a rolling grassland of nearly 2000 square miles in northwestern North Dakota. The county’s economy has long been based on agriculture. It is a land of farms and ranches together with small towns providing services to the rural population.
In 2007 the county found itself in the heart of the state’s oil development, thanks to the Bakken Formation.
The Bakken (BAH-ken) is a vast, deep formation of permeable rock rich in both natural gas and quality crude oil. The Bakken is also being tapped in Montana and Saskatchewan. Read more
Petrostar Petroleum Corporation: Bakken Discovery Well Cased for Production
Petrostar Petroleum Corporation (TSX VENTURE:PEP – News; FRANKFURT:LMQ – News; “Petrostar” or the “Company”) is pleased to announce a new discovery well (A3) in an area of SE Saskatchewan not being currently drilled by other producers.
The well encountered 19m of pay locked in a sandstone formation with excellent porosity and good permeability. A3 is expected to flow on its own (light oil), and may not require stimulation. The importance of this discovery is that it was found in a sandstone formation and the Company is confident that no water issues will need to be addressed; which is the case with other Bakken discoveries. The Company has now moved the drilling rig to its next location and will announce details shortly. Petrostar will test A3 and bring it on production over the next few weeks. Read more
Drilling Underway on Petrostar’s First Bakken Well in SE Saskatchewan
Petrostar Petroleum Corporation (TSX VENTURE: PEP)(FRANKFURT: LMQ)(”Petrostar” or the “Company”) announces that it has initiated drilling of its first Bakken Well.
The first well will be drilled to a depth of approximately 900m-1,000m. The drilling is being conducted by Terroco Drilling Ltd. The next planned drilling location is approximately 4 miles from the current well site and all surveys and permits for the 2 additional wells to be drilled from this location have been received and the drilling will commence immediately after the initial well is completed. More information will be available as drilling progresses.
Read more
Bakken Shale Oil Formation – Largest Oil Pool Found – Parshall Field in Bakken Shale
The Bakken Shale Oil field, which stretches down from Canada into North Dakota and Montana, could hold 3.65 billion barrels in oil reserves which would be the largest finding in U.S history next to the Oil fields in Alaska. This oil shale formation is located in the Williston Basin according to the U.S. Geological Survey. Bakken formation is a rich deposit that the U.S. Geological Survey calls the largest continuous oil accumulation it has ever assessed.
The year 1995 was the last time the USGS surveyed the Bakken area in which they found roughly 151 million barrels of recoverable oil. Since then, there have been many technological advances causing the big spike to 3.65 billion barrels. The biggest oil field, which is located at the Arctic National Wildlife Refuge in Alaska ( ANWAR ), could potentially hold up to 10 billion barrels of oil. Read more
Petrostar to Commence Drilling Bakken Oil Play in SE Saskatchewan
Petrostar Petroleum Corporation (TSX VENTURE: PEP)(FRANKFURT: LMQ) (”Petrostar” or the “Company”) announces that it has finalized its agreement with its Joint-Venture partner on leases that are located in the Bakken Oil Play, in SE Saskatchewan.
Petrostar will drill three initial wells in what we believe are three new pools of Bakken Oil in SE Saskatchewan.
Upon the success of each of these wells, the joint venture will be expanded to nine or more additional wells to develop these three pools and any additional pools that can be identified.
The drilling locations have been surveyed and permitting applications submitted, which are anticipated to be approved on or before June 30, 2008. Petrostar, as operator, has contracted the services of Terroco Drilling Ltd. for a drilling rig and other ancillary services to initiate drilling as soon as the permits are received.
The leases are located in the SE Saskatchewan extension of the prolific Bakken oil play that covers Southern Alberta, Saskatchewan, Manitoba and Montana and North Dakota in the USA.
