Texalta Petroleum Gets Australian Exploration Permitsadmin
Texalta Petroleum reports that Exploration Permits No’s 103 and 104 covering 5.5 million acres in the Georgina Basin, Northern Territory, Australia, have been granted effective November 21, 2006 to Texalta 50% and its Australian partners 50%. Both permits are for a period of 5 years from date of grant and entail a work program comprising reprocessing of existing seismic, additional seismic and the drilling of structural test wells.
Preliminary seismic reprocessing activity has been commenced in Calgary. The Northern Territory Geological Survey in a presentation entitled “Onshore Hydrocarbon Potential – 2006″ has already identified several seismic based leads with potential oil pools in the 70 to 230 million barrel range and Texalta will now focus on following up these leads with detailed seismic reprocessing as required under the year one work program.
Texalta is engaged in the exploration, acquisition and development of prospective oil & gas properties in Saskatchewan and Alberta, Canada. The company holds a 50 percent working interest in two exploration permits covering in excess of 5.5 million acres of prospective land in the Georgina Basin, Northern Territory, Australia.