In addition to the 11 producing wells there are 10 permitted well locations from a total of 45 gross drilling locations in the area of the Williston Basin along the Mackenzie County/Mountrail County border.

One of the best Red River wells in the Minton-Hardy South area is within 150 metres of J19 and several new horizontal wells are now targeting oil in the Bakken formation adjacent to Petro One's properties.

The most notable geological features of this region are the Lower Huron (Devonian) shale at a relatively shallow drill depth (3200 to 5000 feet) and Marcellus shale, with Utica shale lying at deeper levels underneath.

The properties were acquired from Chesapeake Energy Corp. (NYSE: CHK) and its partner for approximately $93 million, excluding purchase price adjustments.

Company expands land position in Recôncavo Basin with successful bids on three blocks in ANP Bid Round 11.

The energy sector’s need for capital has inspired an increase in deals during the last few months.

Including the $38.4 million deposit previously paid, total consideration for the acquisition was $811 million, which includes the $768 million purchase price and $43.3 million in normal and customary closing adjustments.

Completion of the sale of the royalty interests is subject to customary closing conditions, and closing is expected to occur within the next week.

The open season will commence on May 14, 2013.

In addition, Chesapeake and MarkWest have furthered their relationship in the Appalachian Basin through the extension of a key processing agreement for five additional years to 2020.

Final cash consideration for TEAK totaled $1.0 billion, subject to working capital and other adjustments contemplated by the Purchase and Sale Agreement.

The proposed transaction would be structured as a merger of Pioneer Southwest with a wholly owned subsidiary of Pioneer.

Frontier Section well delivers promising results.

The land is prospective for light oil production (41o API) from the Bakken Formation.

The acreage includes 67,000 Marcellus acres and 32,000 dry Utica acres.