X-Change to Finalize Plans for Bakken, Three Forks Projects
X-Change Corporation announced through its subsidiary Cress Oil, Inc., an independent exploration and production company based in Houston, Texas that it plans to close on $75 million for working interest and additional expenditures to initiate drilling projects planned for their acreage position in the Bakken Shale and Three Forks formation.
"We have several groups interested in closing a transaction on a working interest stake into our projects and we expect to close on these transactions pending due diligence and approval by the Board stated Atul Trivedi, chief executive. So far this year, we have acquired 109, 000 acreage position primarily in the proven Bakken Shale area, and we are delivering on our goal to acquire acreage with partners as major invested working interests. This is a crucial step on the road to accelerating Cress' transformation into a significant US onshore oil and gas company, participating in wells in which we hold with our partners working interests which will result in quicker production and revenues to the Company."
With an estimated 24 billion barrels of oil within the Williston Basin, the Bakken has been the nation's largest oil discovery in more than 40 years. When the Bakken Formation was first assessed by the USGS for recoverable reserves, it turned out to be only a fraction of what the USGS and industry have actually discovered today. There continues to be acreage of recoverable oil throughout eastern Montana within the Bakken and Williston Basin.