Guardian Exploration Adds Acreage in Alberta Bakken
Guardian Exploration has purchased an additional 6,025 acres of prospective Alberta Bakken lands in townships directly adjacent to the Blackfeet Nation in Glacier and Pondera County, Montana. The acreage increases Guardian's holdings in the area to approximately 9,000 acres in an area where Newfield Exploration, Rosetta Resources and Anschutz Exploration have focused their Alberta Bakken exploration efforts. The majority of Guardian's lands on the Reservation are held by production from the Cut Bank formation, where the company currently produces 35 barrels of oil per day. An operational update provided by Newfield on February 15, 2011 stated; "To date, Newfield has drilled five vertical wells, completed and placed on production a horizontal well, and has a second horizontal well awaiting completion. All of the wells to date have encountered oil…" From visits to the area, Guardian's Management believes that the aforementioned completed well is the Sheriff 1-11H well that is only 7 miles away from Guardian lands. A location even closer to Guardian lands has been drilled by Arkanova Energy, who in January of this year released the finding that their Tribal-Max 1-2817 well did in fact encounter the Bakken and Three Forks zones. This well was drilled to a depth of 5,908 feet and is 2 miles directly south of Guardian lands.
Using information provided by the Montana Board of Oil and Gas, a total of 16 wells have been spud in the past 18 months on the Blackfeet Reservation targeting formations deeper than 4,000 feet, with another 12 wells permitted to be drilled.
Graydon Kowal, President and Chief Executive Officer noted, "Guardian has been watching this play develop over the past several years and now has seen enough evidence from the other operators in the area and our own geological review to be confident that the Company's current exploration focus is in Montana targeting the Alberta Bakken."
The Company also announced the appointment of Mr. Abbas Mahdi to the board of directors of Guardian. Mr. Mahdi is a geologist with 13 years of experience in production enhancement and optimizations with a large international oil & gas service and engineering company. Mr. Mahdi specializes in the areas of fracturing and completions of unconventional resources and has a successful track record in strategic and operational management.
Mr. Kowal stated, "We are excited to add someone of Mr. Mahdi's experience to the Guardian team. He is a vital component of Guardian's ongoing strategy of unlocking the value of its conventional and unconventional oil & gas assets in Montana."