Tasman has further advised that they have started road and access preparations for the well site and expect to commence drilling operations as early as December 15, 2006.
The Chinchaga prospect is a farm-in with Suncor Energy Inc. where Texola and partners can earn a 100% working interest in approximately 18,000 acres of leases owned by Suncor. The leases are south of the Hamburg field and are flanked by the Cranberry and Ladyfern fields. Texola and partners will earn a 100% interest in the first 7,000 acres by drilling the first well and will have the option to earn the remaining acreage by drilling a second well in 2007. Suncor will retain a 12.5% gross overriding royalty on the lands.
Chinchaga, Alberta is known for some of North America's most prolific gas fields, the most prominent being the 450 BCF Cranberry field, the 430 BCF Hamburg field and more recently the 450 BCF Ladyfern field. These fields all produce from the upper Devonian Slave Point formation where the leached and fractured limestone provides a highly permeable and porous reservoir capable of producing more than 50 million cubic feet of gas per day during their first year of production. The entire Slave Point formation in north-central Alberta and British Columbia is estimated to contain 7 TCF gas in place.
The high carbonate content of the off-bank strata at Ladyfern previously made seismic imaging of the Slave point formation in similar areas virtually impossible prior to the 1990s. Since then, advances in 3D seismic, reprocessing of data and a new understanding of the area's characteristics have opened a window of opportunity in the less densely drilled areas to the south of three previously mentioned gas fields.
Chinchaga is one of these very high quality prospects which was generated by Suncor Energy Inc. after a careful evaluation of geologic studies including sample work of virtually all offsetting wells, seismic modeling, reprocessing and reinterpretation, combined with a 3D seismic survey covering the leases.
Texola is an emerging, growth oil and gas exploration company focused on providing exceptional shareholder value and appreciation by finding, exploring and developing large scale, early stage oil and gas projects in North America.
To achieve this goal, the Company has recently undertaken various exploration initiatives, one of which is an early stage exploration prospect in Nevada, USA, and the second is located in Northern Alberta, Canada. Both of these projects offer the Company the potential to exploit and develop large, world-class reservoirs.
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