The farm-in is with a private oil & gas company in the Marten Hills area, located approximately 200 kilometers north of Edmonton. The Marten Hills farm-in provides Berens with access to 45 gross sections of land where it will focus on the multi-zone potential in the Cretaceous section. Berens has committed to a seismic program and to pay 67.5 percent of the cost to drill nine wells and re-complete two wells after which it will have earned a 37.5 percent working interest in all 45 sections. Marten Hills is a winter access area and Berens views this project as analogous to its current core area of Lanfine where the use of seismic technologies has the potential to significantly enhance the success of the drilling program at Marten Hills.
"This farm-in meets our objective of establishing another significant area in which we can use our in-house technical expertise to maximize shareholder return. Berens' 2006 capital program now has greater diversity in terms of risk and potential return with this added area" states Bob Steele, CEO of Berens.
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