Northern Empire Snaps Up Waskatenau Prospect
Northern Empire has acquired 100% of the Petroleum and Natural Gas lease rights on nine sections in the Redwater Region, northeast of Edmonton Alberta, Canada.
The Waskatenau Prospect consists of 9 sections (5760 acres) located 15 miles North East of the giant Redwater Oil Field. Several (12) Geophysical targets have been identified throughout the Waskatenau Prospect, the Company's 2010 Exploration Program plans to define and prioritize these targets.
The Redwater Atoll Reef is classified as one of the major petroleum fields in the world, of Leduc age and a prolific oil reservoir. In excess of 700 million barrels of oil have been produced from the Redwater oil field to date.
Separately, after completing a detailed geological, geophysical and seismic review, including current project economics, the Company has decided it is not in its best interests to proceed with its option to earn a 45% interest in the Turin Prospect.