Artisan Energy Enters JV Focused On Bakken Oil In Alberta
Entered JV with Calgary-based oil producer on southern Alberta lands for Bakken oil production.
Artisan Energy Corp. (TSXV: AEC) entered into a joint venture with a Calgary-based intermediate oil producer to pursue and test opportunities on southern Alberta lands prospective for Bakken oil production.
The joint venture area encompasses 65,000 acres of prospective crown lands. Terms of the joint venture allow for Artisan to participate with a 30% working interest in future land acquisitions and joint activities including but not limited to the deepening of existing wellbores for the purpose of testing the Bakken. Pursuant to the joint venture, Artisan acquired 830 net acres of crown land at the Sept. 11 sale.
In addition to the joint venture, Artisan drilled a 100% working interest Southern Alberta Bakken vertical test well in June to earn lands and evaluate an eastern extension to an intermediate producer's Ferguson oil pool. The corporation was encouraged with the results and knowledge gained from this vertical test well, however further development will require additional financing and expending capital to drill horizontal wells.
Activities targeting the Bakken formation are in addition to Artisan's plans to develop its existing Sawtooth oil potential in Southern Alberta. Artisan now has a total of 8,480 (7,014 net) acres prospective for oil in Southern Alberta.
Artisan Energy Corp. is an oil and gas drilling, E&P company based in Canada. The company is based in Calgary.