Junior oil company near Brooks announces drilling expansion plans
An junior oil company operating near Brooks could further expand its footprint in the Princess field, south of Dinosaur Provincial Park, this year.
Prairie Provident announced May 14it has secured an option to purchase rights for 21 sections in that area as it focuses on Glauconite exploration.
The transaction would bring the company’s net undeveloped holdings there to 48,500 acres, where, this year, it plans to drill two wells and perform seismic exploration.
The assets in the area currently produce about 1,200 barrels per day weighted about threequarters to liquids.
The company that last year expanded into the Drumheller area reported a 29 per cent production increase over the first three months of the financial year on Tuesday, bringing the figure to 5,960 barrels per day.