Western Standard Energy Corp., an oil and gas exploration company, has signed a Memorandum of Intent to acquire the Rocheford 27-1 Lodgepole Reef Prospect located in Stark County, North Dakota. Prior to the acquisition, the Company sought out the expert assessment of independent, third-party geologist Jamil Azad who was of the opinion that the geochemically high graded Rocheford 27-1 prospect can be expected to produce commercial quantities of oil.
This prospect would mark the Company's seventh Lodgepole Reef property located in North Dakota's prolific Bakken Formation. According to a report released on April 10, 2008 by the United States Geological Survey ("USGS"), "North Dakota and Montana have an estimated 3.0 to 4.3 billion barrels of undiscovered, technically recoverable oil in an area known as the Bakken Formation.". This estimate shows a significant leap from an estimate made by the government agency during its last assessment of the area in 1995, which showed a potential recoverable 151 million barrels of oil.
The Lodgepole Prospect is the third area that Western Standard is involved with in the Bakken Formation. Accompanying this play are Western Standard's Starbuck East and State Lease Prospects in Montana, also located on the Bakken Formation. Upon official acquisition of the Rocheford 27-1 Lodgepole Reef Prospect, the land is set to be surveyed and preparations will be made to bond the well.
"We are pleased to have gained another opportunity to expand our operations in the Bakken Formation," stated Dan Bauer, President and CEO of Western Standard Energy. "Coupling the geological report and that from the USGS, we believe this prospect can be an integral part of our expansion and development within the region. We will continue to seek out new opportunities to broaden our interests in this area as we believe it is key to our growing value."
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