Canada Energy Partners announced that drilling has commenced on the first Moosebar Shale horizontal well on its Peace River Project in Northeast British Columbia. The location of the first well has been chosen where an unstimulated natural gas flow occurred from the Moosebar Shale formation while drilling a deeper CBM well. The Company owns 50% working interest in the Peace River CBM Project production facilities including gas plant, compressor station and a tie-in to intercontinental Spectra Energy pipeline which crosses the property. The drilling is expected to take approximately two weeks.
This is the first horizontal well targeting the Moosebar Shale formation on Canada Energy's 50,000 acre (approximately 78 sections) Peace River Project. Under the Joint Venture Agreement Canada Energy is the Operator of the Moosebar Shale rights. In addition to 50% working interest it already owns, Canada Energy has the right or option to earn an aggregate 75% to 87.5% interest in the Moosebar Shale rights under the Peace River Project acreage subject to certain drilling obligations and elections by the Joint Venture Partner.
Canada Energy Partners is an active oil and gas exploration and development company. Canada Energy possesses a large concentrated land position in a high-impact, multi-zone, natural gas-bearing area in northeast British Columbia.
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