PetroTech Oil and Gas Inc. (OTC: PTOG) and Pangean Energy LLC, through a joint venture have entered into a contract to purchase mineral interests in leases in North Dakota Bakken shale formations. The leases consist of 16,000 acres under lease, with an additional 14,000 acres under option.
"The acquisition price is $28,800,000.00 to be paid through a combination of cash, stock and interest in the development of the wells; (which have no depth restrictions and include several other potential zones). The transaction is subject to final due diligence by the purchaser and legal title opinions," said Eddie Schilb, president of PetroTech (PTOG).
"The engineering report performed by Pinnacle Energy Services LLC, as of June of 2012 reported that information was tight from the State of North Dakota but it had been reported that IP rates in the Bakken were between 2000 barrels of oil per day (boepd) and 3500 boepd with probable and possible reserves for the property of 116,242,000 barrels of oil.
Petrotech is headquartered in New Orleans. Pangean is based in Bedford, Texas.
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