The Vancouver, British Columbia-based company's mostly contiguous land base at Chambers-Ferrier now totals 25 sections (16,000 gross acres) with an approximate average working interest of 79.5% in 16 of the 25 sections and varying interests in nine (9) wells.
Darden will remain on the board as a director and chairman emeritus. He will continue as an employee of the company through the end of the year, focusing on strategic transactions including the pursuit of a joint venture in the Horn River Basin in British Columbia.
The company's core Michichi and Lloydminster areas now represent 65% of total production, and 77% of total oil and liquids production, compared to 10% and 16% respectively in the first quarter of 2012.
PacWest's WellIQ report, which monitors and forecasts rigs and well completions by region, expects well completions to rise throughout 2013, but not enough to structurally change the supply/demand balance in the frac market.