Murphy Adds Resource Acreage in S. Alberta
Murphy Oil announced Thursday that its wholly owned subsidiary, Murphy Oil Company Ltd., has entered into an agreement with Kainaiwa Resources Inc., a corporation wholly-owned by the Blood Tribe First Nation to acquire 202 sections (129,280 acres) of prospective oil and gas properties located within the Blood Tribe Reserve in southern Alberta. The lease agreement will give Murphy drilling rights on the property for 5 years with a minimum of 16 wells to be drilled during this time.<P>
David Wood, Murphy Oil Corp. President and Chief Executive Officer, commented, "We are very pleased to add a fourth resource play in North America to complement our existing acreage in Seal Lake, Montney and Eagle Ford." Wood added, "The Blood First Nation's lands add further to our growing position in the Exshaw/Bakken play of Southern Alberta where we are targeting its oil potential."