Privately held, Calgary-based Canbriam Energy Inc. has acquired a 60% earned interest in a 19,770-acre block in the St. Lawrence Lowlands through its farm-in agreement with Petrolympic Ltd., Montreal, (Toronto Venture: TSX) and privately held, Brossard, Quebec-based Ressources & Energie Squatex Inc.
Canbriam is responsible for all drilling, completion and abandonment costs incurred during the program. Squatex now owns a 28% interest in the exploration permits, with Petrolympic holding the remaining 12%.
The block includes the Farnham No. 1 well that was spudded in July 2009 and targets Utica shale.
Canbriam must drill and case or abandon two vertical wells before Dec. 31, 2010, to be entitled to a 60% interest in the next block. The company can also earn a 60% interest in up to 59,305 acres by drilling up to six additional wells and paying up to C$13.5 million by Nov. 30, 2011.
The companies entered into the joint operating agreement in 2008.
Recommended Reading
Chevron’s Tengiz Oil Field Operations Start Up in Kazakhstan
2024-04-25 - The final phase of Chevron’s project will produce about 260,000 bbl/d.
ProPetro Ups Share Repurchases by $100MM
2024-04-25 - ProPetro Holding Corp. is increasing its share repurchase program to a total of $200 million of common shares.
Segrist: The LNG Pause and a Big, Dumb Question
2024-04-25 - In trying to understand the White House’s decision to pause LNG export permits and wondering if it’s just a red herring, one big, dumb question must be asked.
Baker Hughes Hikes Quarterly Dividend
2024-04-25 - Baker Hughes Co. increased its quarterly dividend by 11% year-over-year.
Weatherford M&A Efforts Focused on Integration, Not Scale
2024-04-25 - Services company Weatherford International executives are focused on making deals that, regardless of size or scale, can be integrated into the business, President and CEO Girish Saligram said.