Enters LOI to develop Mississippian field.
Kabe Exploration Inc. (OTC: KABX) today announces that it has entered into a letter of intent to form a joint venture partnership with International Equity Partners Oil & Gas Inc.
The agreement is for the exploration and development of 7,300 acres of oil leases in the highly productive Mississippian field of southern Kansas. International Equity Partners will contribute capital and expertise toward developing the assets for production. Kabe’s five year operational plan is expected to bring 24 new oil wells into production.
Each well in the area is estimated to yield 400,000 barrels of oil. That is a potential 9,600,000 total barrels for the project and potentially over a billion dollars in oil at today’s prices, according to the release.
International Equity Partners Oil & Gas Inc. is a Canadian energy holding company. The company is based in Markham, Canada, and has offices in Houston.
Kabe Exploration Inc. engages in the exploration and development of oil and gas properties. The company is based in Carlsbad, Calif.