Unbridled Nixes Plans for 2 Pennsylvanian JVs
Unbridled has provided an overview on its USA and Canadian properties.
Due to dramatic changes in both the oil and gas industry and the national economy, combined with the extremely tight capital markets, Unbridled has revised its strategic plan for 2009. At this time, Unbridled will not proceed with the two previously announced joint venture opportunities in Pennsylvania. These include the farm-in on a tight sand oil play in southern Pennsylvania and the 8,000 acre Marcellus shale joint venture.
Further, Unbridled has finished production testing in its three horizontal wells in Ohio and, due to low gas prices and well productivity results, the Company does not plan to proceed with the development of this play. The Company intends to farm-out or sell the acreage.
Unbridled will now focus its capital expenditures in Q1 and Q2 2009 on cash flow and reserve building operations within its New York and Alberta properties. These operations include fracturing a new shale formation and drilling a deep test well in New York, as well as fracturing a new shale formation and acidizing a carbonate formation in Alberta. Management looks forward to providing more specifics on these cash flow and reserve building operations in early January 2009.