The Sawn Lake Oil Sands Development has been estimated by two respected third-party petroleum engineering firms to contain a total of 820 million to 1.2 billion barrels of oil resource in place, of which Signet Energy can earn a 40-percent working interest on all contiguous sections covering 44,480 acres in the Sawn Lake area of Alberta, Canada.
Signet has commitment to drill a total of 10 wells, each well drilled earns Signet an interest in the field; one well has been drilled and completed to date and demonstrated cold flow reservoir characteristics. To date, Signet has earned a 40-percent working interest in 6 sections. Deep Well is being carried by Signet for the first 10 wells and thereafter, Deep Well is required to pay its 40-percent share, along with each of the two other 10-percent working interest partners that pay their share of completion, production test, and operating costs.
Surge Global Energy, Inc., located in San Diego, California, is a major shareholder of Signet Energy, Inc. The company invests in assets that target Canadian oil sands and conventional oil and gas properties in North and South America. Surge also holds a working interest in the Santa Rosa Dome project in the Mendoza province of Argentina. It also has rights to earn a working interest in the Keg River Formation in the Kitty area of North Central Alberta, Canada.
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