Park Place Energy to Earn Stake in Brighty Prospect by Financing EM Survey
Park Place Energy has entered into an agreement with 21st Fox Energy and Mining under the terms that Park Place Energy will earn a 70% working interest in the high impact North Sea oil prospect known as the Brighty prospect, by financing an Electromagnetic EM survey of the property.
The renowned EM specialist Contractor OHM Limited is going to perform the EM survey on the Brighty property.
The Brighty prospect is located in the North Sea Quad 12/23B, just off the Scottish coast in the Inner Moray Firth. The Brighty prospect has similar characteristics to the Buzzard field, one of the largest fields to be discovered in the North Sea in the past quarter century, in which Petro-Canada holds a significant position and which should hit peak production of roughly 200,000 BOE per day later this year - with over a billion barrels of oil in place. In addition to Petro-Canada the independent Endeavour International is also very active in the area surrounding Brighty.
Park Place Energy Corp. President and CEO, David Stadnyk, said, "OHM Limited is the worlds leading provider of offshore hydrocarbon mapping and we are very excited to have them as contractors on this high impact North Sea oil prospect."
Park Place Energy is first and foremost an international high impact energy play corporation. Currently, its primary activity is in oil and gas exploration in the North Sea, as well as the development and production of its Canadian assets including the recently announced major gas find in British Columbia. Park Place utilizes its expertise in the oil and gas industry to enhance shareholder value and profitability by pursuing attractive opportunities in the international oil and gas industry. Using the appropriate financial resources and the latest technologies, Park Place Energy, alone or through creative joint ventures and innovative partnerships, has a strategic five-year operating plan to optimize profitability and shareholder value
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