GeoPetrol Acquires Acreage in Swan Hills in Northwestern Alberta
GeoPetro Resources has acquired 4,480 acres (1,493 net) of undeveloped land on a high-impact oil and gas prospect in the Swan Hills-Whitecourt area of northwestern Alberta. The South Whitecourt prospect was initially identified as a result of an airborne survey conducted in 2006 by Energy Exploration Technologies Inc., utilizing NXT's proprietary stress-field detection ("SFD") technology. The prospect is supported with 3-D seismic and the first well will target the oil and gas potential of the Swan Hills and Gilwood formations at a depth of approximately 2,800 meters (9,184 feet). Preliminary site assessment has commenced for the drilling of this high-impact prospect in the first quarter of 2008, subject to surface access and regulatory approval.
The Company also plans to commence the drilling of a high-impact prospect at Goodwin in the Swan Hills-Whitecourt area within the next thirty days, subject to surface access. This prospect was also initially identified utilizing SFD technology and has been geophysically confirmed with 3-D seismic data. The Company will be participating for a 50% working interest on a farm-in basis. The well has been licensed and will be directionally drilled to evaluate the oil and gas potential of the Nordegg and Pekisko formations at a planned depth of 2,100 meters (6,888 feet).
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