Power Oil & Gas has provided an update on its natural gas projects in southern Alberta.
"We are continuing to make excellent progress on our three core projects: the Medicine Hat, Bow Island, and Taber," said Manny Dhinsa, President of Power. "Based on our geological analysis, we know the projects are very attractive from both a technical and economic point of view, and we have engaged a Calgary-based petroleum consulting firm to assist in the planning and execution of a drilling program in order to develop our natural gas assets as rapidly as possible."
"During the past several months we have been adding to our already extensive land position, which now comprises 25,000 acres in southern Alberta, in three key producing areas," said Mr. Dhinsa.
Power's interest in its three projects is 100%.
Alberta is one of the most significant regions for natural gas in North America. According to recent estimates, the region may hold an in-place resource of up to 650 trillion cubic feet, of which as much as 100 tcf may be economically recoverable. By applying proven technologies, Power Oil & Gas is developing high-impact natural gas projects that build value for its shareholders.
Bow Island Project, Medicine Hat Project & Taber Project:
The Bow Island Project covers a total of 8,852 acres in the historic Bow Island gas field, a significant historic producer, and the site of the first commercial gas production in Alberta from "Old Glory" in 1908.
The Medicine Hat project covers a total of 7,600 acres in the Medicine Hat area of southern Alberta, the most prolific natural gas field in Canada.
The Taber project covers a total of approximately 2,500 acres in the Taber/Grand Forks area of southern Alberta, an area of significant historical production.
"Power has succeeded in the first phase of its objective of acquiring high-potential natural gas projects, while the commodity was at historic lows. We spent much of the past two years quietly building our land position, taking advantage of the lower land costs resulting from the sector's weakness. We anticipated natural gas prices would soon begin climbing higher, and we were correct. We are continuing to build Power with the objective of providing leverage to a rising natural gas price. As such, we will continue to develop our natural gas asset base, with a focus on Western Canada in general and southern Alberta in specific, which remains one of the most significant natural gas producing regions in North America," said Mr. Dhinsa.
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