The acreage is strategically located in one of the leading natural gas producing areas in North America, and consists of mineral rights adjacent to large proven deposits of natural gas with an extensive production history. The prospect is located east of the major natural gas deposits of Bob West with expected reserves of around 1 trillion cubic feet (TCF) of natural gas. It is also in close proximity to another large natural gas deposit the Lopeno Field, which is expected to produce up to 260 billion cubic feet (BCF) of natural gas.
Falcon Natural Gas has acquired a 100% Working Interest and a 70% Net Revenue Interest on these properties relating to oil, gas and mineral rights. The company has signed agreements relating to approximately 800 acres and is in the process of securing an additional 1,900 acres in the region.
Falcon Natural Gas plans to raise additional capital in order to begin its intensive exploration program which is set to commence in the second half of 2004.
"We are very excited about commencing the exploration program on our properties," said Alan Aitchison, President & CEO, Falcon Natural Gas Corp. "Based on good quality seismic data and the presence of very large gas fields in the same geographic setting, the reports we have commissioned indicate that the prospect has an excellent potential of becoming a commercial gas field."
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