Norstra Appoints Operator for 3 Bakken Wells
April 08 2013 - 9:00AM
NORSTRA ENERGY INC. (OTCQB:NORX) (OTCBB:NORX) ("Norstra" or the
"Company") is announcing that it has appointed an operator for the
South Sun River Project in Montana. Mr. Landry signed the industry
standard A.A.P.I Form 610 - 1982 Operating Agreement with Summit
West Oil, LLC, who was chosen to be the operator for the first 3
wells. This operating agreement outlines in detail operations and
also includes accounting procedures for joint operations.
"We are very pleased to secure the services of Summit West Oil,
LLC," stated Mr. Landry. "Summit West is an experienced operator,
with great industry connections and a very good reputation with the
authorities in Montana. Summit West was the operator for 3 wells in
Montana in 2012, completed them in a timely fashion, within the AFE
budget and created very good relationships with the Montana Board
of Oil & Gas. Our new operator will have all necessary bonds
and insurance coverage in place to execute the drilling
program."
Norstra instructed Summit West Oil, LLC to create an AFE
(Application for Expenditure) for the first Bakken well on the
South Sun River Project. This AFE will outline in detail the
projected costs for drilling and completion of the first well.
Summit West will also secure key sub-contractors for the drilling
program. These sub-contractors are mainly the drilling contractor,
horizontal drilling contractor and fracking company. The Company
expects the AFE with firm bids to be in place within 4 weeks.
During that time Mr. Landry and his technical advisory team will
determine the first drill location based on the available technical
data including seismic lines. After review of the previously
available seismic lines and after discussions with our geophysical
consultants, Norstra already ordered the first targeted seismic
data on the prospect. After Norstra and its geophysicist determine
the first drill location, a surveyor will be engaged to stake the
location and Norstra will design the drilling pad and start the
permitting process. Under Montana law a permit has to be advertised
for 10 days and could be issued shortly after.
About Norstra Energy Inc.
Norstra Energy Inc. is a U.S.-based oil and gas exploration
company with interests in over 10,000 acres of prime Bakken
formation land in Montana. The company is targeting the South Sun
River Prospect for a Bakken drilling program proving the prospect
up from exploration to production.
Disclaimer
This press release contains "forward-looking statements."
Statements in this press release which are not purely historical
are forward-looking statements and include any statements regarding
beliefs, plans, expectations or intentions regarding the future,
and specifically references to the timing of exploration and
drilling work on the South Sun River Prospect. The reader can
identify these forward-looking statements by forward-looking words
such as "may," "will," "expect," "potential," "anticipate,"
"forecast," "believe," "estimate," "project," "plan," "continue" or
similar words. The reader should read statements that contain these
words carefully because they discuss future expectations, contain
projections of future results of operations or of financial
condition, or state other forward-looking information.
Forward-looking statements include, but are not limited to,
statements regarding potential oil production, revenues, expansion
efforts, and future plans and objectives of Norstra Energy Inc. The
risk factors listed in our disclosure documents and the cautionary
language on the Company's website provide examples of risks,
uncertainties and events that may cause actual results to differ
materially from the expectations and projections described by
Norstra in its forward-looking statements. Actual results relating
to, among other things, oil reserves, production, revenues and
profitability could differ materially from those currently
anticipated in such statements. Factors affecting forward-looking
statements include: results of exploration activities, ability to
secure operations staff and equipment; changes in the operating
costs; changes in economic conditions, foreign exchange and other
financial markets; changes of the interest rates on borrowings; in
the investments levels; litigation; legislation; environmental,
judicial, regulatory, political and competitive developments in
areas in which Norstra operates; technological, mechanical and
operational difficulties encountered in connection with Norstra's
development activities; and labor relation matters and costs. The
reader should refer to the risk disclosures set out in the periodic
reports and other disclosure documents filed by Norstra from time
to time with the Securities and Exchange Commission and other
regulatory authorities.
CONTACT: Norstra Energy Inc.
Norstra Energy Investor Relations
Tyler Troup
Phone: 1-866-865-2780
E-mail: ir@norstraenergy.com
Website: www.norstraenergy.com
Norstra Energy (CE) (USOTC:NORX)
Historical Stock Chart
From Aug 2024 to Sep 2024
Norstra Energy (CE) (USOTC:NORX)
Historical Stock Chart
From Sep 2023 to Sep 2024