Eco-Trade Corp. announced Friday that it has signed a definitive agreement to acquire the South Bakken Prospect in Montana.
Eco-Trade Corporation has, through this acquisition, the rights to the exploration, drilling and production on a property in Lewis & Clark County in Montana, near Great Falls totaling over 5,800 acres called the South Bakken Prospect. The property is located in the southern part of the Alberta Bakken Fairway, and may hold an estimated reserve potential of between 80 to 120 millions of barrels of oil recoverable according to a report prepared by BakkenQuest LLC.
The advent of the Alberta Bakken Fairway creates another opportunity for Bakken production outside of the boundaries of the Williston Basin. The Bakken Fairway was first discovered and drilled in Alberta, Canada, but now extends deep into northwest Montana into Lewis & Clark County where it is bordered by the Rocky Mountain Thrust Zone on the west and the Sweetgrass Arch to the west.
Other companies in the general vicinity include Primary Petroleum, Rosetta Resources Inc., Newfield Exploration Company, Stone Energy, Anschutz Exploration Corp., Quicksilver Resources Inc., Fairways Offshore Exploration Inc., Arkanova Energy Corp., FX Energy, Inc. and American Eagle Energy Inc.
According to BMO capital Markets, "While the play is still emerging, the Alberta Bakken appears to be developing into a potential new unconventional tight oil resource play."
The company believes that it has positioned itself in the middle of a major new oil play in Continental America, and is looking forward to developing its assets further.
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