Agrotech begins drilling at Greater Joe Mill project
(firmenpresse) - Agrotech begins drilling at Greater Joe Mill project
2010-02-10 09:37 ET - News Release
Mr. Colin Bowkett reports
AGROTECH GREENHOUSES INC.: DRILLING PROGRAM COMMENCED ON GREATER JOE MILL PROJECT, LAND ACQUIRED IN WORLD-CLASS OIL PLAY IN THE PROLIFIC BAKKEN SHALE, AND MANAGEMENT CHANGES ANNOUNCED
Agrotech Greenhouses Inc. (to be renamed Archer Petroleum Corp.) has reached a significant operational milestone with the commencement of drilling operations in the Greater Joe Mill project, located within the highly prolific Permian basin of West Texas. Additionally, the company is pleased to announce its entry into a world-class oil play focused in the prolific Bakken shale, successfully being developed by industry in North Dakota.
Drilling commences in the Greater Joe Mill project area
The company is delighted to announce that the first well, the Hull No. 1 (25-per-cent working interest), in the Greater Joe Mill project has been spud and is scheduled to drill to a total depth of 8,500 feet. The Hull No. 1 will be testing the prolific Spraberry and deeper Wolfberry formations. If successful, the company and its partners believe the well could be completed and on sales some time in late March or early April of this year.
It is expected that a total of four new wells will be drilled within the project area this year. Additionally, the company and its partners have identified over 25 low-risk drilling locations on both 80-acre and 40-acre spacing on the existing acreage. Significant upside exists beyond these initial locations and it is expected to further delineate this potential upon completion of the scheduled four initial wells.
The Greater Joe Mill project area consists of over 4,700 gross mineral acres located in the southwest portion of Borden county, Texas, and is on trend with the established Spraberry and emerging Wolfberry oil play, which extends over a nine-county area in West Texas. This trend is a stacked multiplay, conventional and unconventional oil play with outstanding economic potential. The play is being actively drilled by several notable, large industry players. Wells are productive in the trend from intervals between 6,000 and 10,000 feet, where zones are designated as Spraberry, Dean, Wolfcamp and Strawn (collectively Wolfberry). There are currently over 200 public and private oil companies focused in this trend producing from approximately 13,000 wells, making the trend one of the largest oil fields in the United States.
Acreage acquired in world-class Bakken shale play
The company is extremely pleased to announce the company's entry into the high-potential Bakken shale play, where its proposed new subsidiary, Contact Oil & Gas USA Inc., recently purchased a 50-per-cent working interest (WI) in 1,475 gross mineral acres located in Burke county, North Dakota, from a large private operator in the region. This transaction marks the first major milestone in the company's goal of building a world-class energy company focused on oil exploration and development. The company and its partner will continue to closely monitoring drilling activity in the area and further evaluate this asset to determine the best development scenario. The company is hopeful that drilling activities could commence on this acreage as early as the fourth quarter of 2010.
A recent study by the United States Geological Survey of the Bakken shale estimates up to 4.3 billion barrels of technically recoverable oil in place in North Dakota and Montana alone. The company expects to make the Bakken shale a major focus area of the company going forward and is currently evaluating other acquisition opportunities within the play on the U.S. side of the border, where the company has identified multiple opportunities.
Management changes
The company also wishes to announce that Victor Barcot has been appointed the chief executive officer of the company and Colin Bowkett has been appointed the president of the company, each replacing Robert McMorran, who remains a director and has himself been appointed as the chief financial officer of the company.
Mr. Barcot has over 14 years of experience in the oil and gas industry. Over his career, Mr. Barcot has been an adviser to several notable U.S. publicly listed oil and gas exploration and production companies, and has previously served on the board of several oil and gas companies. Mr. Barcot's expertise is focused on the upstream exploration and production sector, where he has served as an executive of various public and private oil and gas companies. Additionally, Mr. Barcot was a director of the global oil and gas investment banking group of Macquarie Bank and has previously worked as an equity research analyst focusing on the U.S. independent exploration and production sector for Credit Suisse, First Boston and Bank of America Securities. Mr. Barcot earned his MBA and BBA in Finance with highest honours from the University of Houston.
Mr. Bowkett brings more than 18 years experience in business development and agreements to the company. He is a partner in Canadian Nexus Ventures, a private investment firm based in Vancouver, and has facilitated and financed multiple international oil and gas, and mining transactions in both the private and public sector. Mr. Bowkett currently serves on the board of directors or in advisory positions for several private and public entities.
Mr. McMorran is a chartered accountant with over 25 years experience in the mining industry. Mr. McMorran has held numerous board positions and senior officer appointments with various public companies.
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Agrotech Greenhouses Inc.
Suite 880-609 Granville Street
Vancouver
BC
Canada
info(at)archerpetroleum.com
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Datum: 11.02.2010 - 07:28 Uhr
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