Kabe Exploration Inc. has entered into a letter of intent to form a joint venture partnership with Canadian oil and gas holding company International Equity Partners Oil & Gas, Inc. for the exploration and development of 7,300 acres of oil leases in the Mississippian field of southern Kansas. International Equity Partners Oil & Gas will contribute capital and expertise toward developing the assets for production. Kabe’s five year operational plan is expected to bring 24 new oil wells into production.
Each well in the area is estimated to yield 400,000 barrels of oil, or a potential 9.6 million total barrels for the project, which is potentially over a billion dollars in oil at current prices.
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