Big Sky Petroleum Corp. has acquired a 90 percent working interest in 1,100 acres contiguous to its Midland Basin Wolfcamp Prospect. This lease acquisition is in addition to the previously announced 2,300 acres that Big Sky acquired in December, 2012, and on which Big Sky drilled its first well. This latest acquisition increases the Midland Basin Prospect area to 3,400 + contiguous net operated acres which is 90 percent owned by Big Sky.
Sam Nastat, President, stated, "Due to the information we have accumulated from the Schafer No1. Well, Big Sky is actively seeking to increase its acreage position within this Wolfcamp prospect."
The Wolfcamp is a blanket formation across the Permian Basin of western Texas and acts as a source rock for much of the conventional oil production in the area. The depth of the Wolfcamp formation is around 5,000 feet on the normally pressured southeastern side of the play.
Big Sky is in the process of flow back and testing of the Schafer No.1 well which was completed in February 2013 and will provide updates on this well in early April 2013.
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