Blackpool Acquires Worsley Lands
Blackpool Exploration Ltd. has acquired a working interest of 26.6% in 960 acres of petroleum and natural gas rights in the Worsley area of northwestern Alberta. These lands directly offset the up dip edge of the Worsley Charlie Lake "B" Oil Pool, which has yielded cumulative volumes of 5.5 million barrels of oil and 15.4 billion cubic feet of gas.
A well on the lands exhibits mechanical log parameters that compare favorably with those of offsetting productive oil wells and has been interpreted as bypassed pay by the company's third-party engineering evaluators. The nearest oil productive well, approximately 350 meters to the west of Blackpool's lands, currently produces 44 barrels per day of light-gravity oil with 45,000 cubic feet of natural gas, from a depth of only 1,250 meters.
An initial successful oil well on these lands could support two additional development locations. In addition, gas potential exists in another well on the lands that was drill stem tested at a rate of more than 1.5 million cubic feet per day from the Baldonnel Formation. This zone has never been produced from locations on or in the vicinity of the company lands.
Blackpool Exploration Ltd. is a junior resource company focused on conventional oil and gas exploration and production in Alberta.