EL - 495 covers an area of 163,124 acres and has an initial term of five years commencing on March 16th, 2014 and expiring on March 16th, 2019. The Company was awarded the license with a minimum five-year work program of $1.2 million.
Exploration License 495 adjoins the Company's Stewart Lake Significant Discovery Licenses 138 & 139 (Husky operated IFR - 8.2%) and TDL Freehold Parcel M-38 (Husky 75% IFR 25%); TDL M-38 is located within the boundary of the Stewart discovery area that encompasses 19,800 acres (31 sections) on which multiple drilling locations have been identified.
In previous exploration programs in the Tulita area the Company participated in two regional gravity magnetic surveys and in three 2D seismic programs, a portion of which covers EL-495. Interpretation of this data has identified two Cretaceous prospects similar to the Stewart Lake discovery (see May 17, 2006 news release) and one Devonian prospect that is analogous to the Company's Summit Creek gas - light oil discovery that production tested 20 MMCF/D and 6,000 BOPD of 50 degree API oil ~ 9,300 BOEPD (see March 30, 2005 news release).
EL-495 is prospective in the emerging un-conventional Canol & Bluefish shale oil plays.
|Breakdown of ownership|
click on image to enlarge