The Company has a 50% working interest in a joint venture in the Antler Area in southeast Saskatchewan, east and north of the current Tableland core area. The joint venture has acquired approximately 21,000 gross acres in the area. The Antler Area is prospective for light oil in several zones ranging from the Devonian, Birdbear and Torquay formations to the Mississippian aged Bakken, Lodgepole and Tilston formations. The joint venture has conducted geological mapping based on this recent industry activity, as well as numerous existing wells, to locate an exploration fairway which may be prospective. The initial wells will be targeting the Torquay and Bakken formations which range from 900 to 1300 metres deep. Initial production rates are expected to be similar to the nearby Sinclair and Daly fields in Manitoba, which range from 40 to 80 bbls/d of light sweet oil. The area has good access to infrastructure, and will have dry hole costs of approximately $200,000 per well, with an additional $150,000 to complete and equip.
Don Rae, President of WaveForm states "I am pleased WaveForm is able to participate in a second core area of high economic impact. While still consistent with our exploration focus, this additional core area is shallower, vertically accessible, and is cheaper to drill. As a result, this is a more conventional and lower risk project which blends nicely with the high impact Tableland core area."
In addition to the acreage acquired in the Antler area, WaveForm has also acquired an additional 2,500 gross acres in the Tableland area.
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