Powder River Enters Canadian Oil Sand Market
Powder River Basin Gas Corp has signed a letter of intent with Deep Well Oil and Gas Inc. to purchase an interest in their North Central Alberta oil sands project. The project is in the Sawn Lake Oil Sands Development located north of Peace River in Alberta's prolific oil sands.
The unit contains approximately 43,964 acres and has an estimated reserve of 819 million barrels of oil. Three development wells have been drilled on the project through the Bluesky formation which shows a pay zone approximately 2000 feet thick.
Powder River Basin Gas Corp. will complete its due diligence over the next few weeks, and expects to be part of the development program as it is brought into production.
"This is a significant and exciting opportunity for Powder River as we expand into the Canadian oil and gas market. I am thrilled that we are continuing our plan to move the Company into a position for even more international exposure," stated Powder River Basin Gas Corp. CEO Brian Fox.
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