Pacific Rodera Participates with Husky in Summit/Keele Area Wells
Mr. Michael Greenwood, Chairman & CEO of Pacific Rodera Energy says that Pacific Rodera has agreed to participate with Husky Energy in the two drilling licenses, which it has applied for in the Summit/Keele area of the Northwest Territories. Pacific Rodera has a 10% working interest in both licenses. The first license will target the Devonian formation and the second will be drilled at Cloverleaf to test a Cretaceous age reservoir, which is believed to be an oil reservoir and is located within tie-in distance to Enbridge's Norman Wells to Zama pipeline. The wells are both based on a regional seismic survey on Exploration License 423. A feasibility study has been completed for both tie-ins. The ability to tie-in production differentiates these plays from many others in the Northwest Territories.
Pacific Rodera has agreed in principle to increase its working interest in EL 423 to 10%. Pacific Rodera is also increasing its ownership in EL 397 to 9%. There is one Significant Discovery License (SDL), which has been applied for on EL 397 respecting the Stewart Lake D-57 well. It is proposed that a second SDL will be applied for at a later date on EL 397 respecting the Summit Creek B-44 well, which tested at rates of approximately 20 mmcfd of natural gas and in excess of 6,000 barrels per day of light oil and condensate. Pacific Rodera's increased ownership in these properties is consistent with our commitment to expose our shareholders to the tremendous exploration upside available in this region.
Pacific Rodera also announced that it has closed its previously announced private placement with its new management team. The number of shares purchased by the team was increased to 3,650,000, which shares are subject to a four-month hold-period. The management team now owns in excess of 25% of the outstanding common shares of the Company. This significant ownership is consistent with management's objective of aligning their own interests with those of the shareholders.
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