Calgary Company Top Bidder for P.E.I. Parcels

Island Energy Minister Jamie Ballem has announced the results of a bid call for oil and natural gas exploration on four Island properties.

The top bidder for all four properties is PetroWorth Resources of Calgary, Ballem said last week.

The company was issued exploration permits after forwarding the prescribed fees and security.

The properties include three parcels of land in Kings County totaling 19,000 hectares.

The other parcel comprising 55,000 hectares is located in the central part of the province.

PetroWorth will commit to spend at least $1 million on the four parcels.

The Calgary firm has already invested $5 million in adjacent blocks of land over the last two years.

© The Canadian Press, 2004