Pennine Petroleum Corporation Signs Joint Operating Agreement To Develop New Castor Property
Pennine Petroleum Corporation is pleased to announce that the Company has signed a Joint Operating Agreement with its partner on the acquired petroleum and natural gas property in the Youngstown area of Alberta, the Castor property. Pennine is appointed Operator of the project.
The Castor property contains a natural-gas well that is 500 metres to transportation infrastructure. The well will be re-entered in the Mannville Formation where, after a 90-minute drill stem test over the target zone was conducted, maximum natural gas rates of 629 Mcf/day were recorded with 59 feet of drilling mud.
Jeff Saxinger, P. Eng., Chief Executive Officer of Pennine, says: “The Company is excited to begin this project as it marks the initial activity on the new assets acquired in April 2014. The Castor and the Chinook properties encompass 10.5 sections (2,709 hectares, or 6,720 acres) of petroleum and natural gas rights, and include two producing natural gas wells and six shut-in natural gas wells. The Castor property will be the Company’s first activity, which will be followed by re-entry of wells on the Chinook Property.”
About Pennine Petroleum Corporation
Pennine Petroleum Corporation is an emerging oil and gas exploration and development company currently active in Alberta and Saskatchewan. Pennine’s strategy is based on increasing cash flow by focusing on drilling and well re-completions on selective land areas where it currently operates.
SOURCE: Pennine Petroleum Corporation