Derek Sees Positive Results from Recent 3D Seismic Program at LAK Ranch
Derek Oil and Gas reports results from the detailed 3D seismic survey completed over the northern portion of the LAK Ranch Project earlier this year. The Company's independent technical consultants have carried out further interpretation of 3D seismic data in horizons deeper than the Newcastle Sandstone. This in-depth work has led to the discovery of several new exploration targets in deeper horizons below the Newcastle Sandstone. Derek management is currently considering the numerous options available with respect to the exploration and development of these new targets.
Since the commencement of continuous steaming in October of this year, the shallower Newcastle Sandstone, which is being developed under an existing agreement, is currently producing increased quantities of oil (from 40 to 60 barrels per day).
Derek Oil & Gas Corporation is a Canadian based oil exploration, development and production company with a defined corporate strategy focused on establishing new hydrocarbon production from reservoirs that were previously uneconomic to extract using conventional means. Derek has invested over 9.5 million USD into the development of the 7500 acre LAK Ranch property located in the prolific Powder River Basin of NE Wyoming. The LAK Ranch property contains significant quantities of high quality oil to be extracted through an enhanced oil recovery method using steam.