Western Standard Energy Corp. to Acquire and Develop Bakken Shale Prospects in North Dakota
Western Standard Energy Corp., an oil and gas exploration company, is pleased to announce it has signed a Letter of Intent (‘LOI’) with Oil for America (‘OFA’) to option and acquire up to four additional Bakken and Lodgepole prospects on 1,280 acres in Stark County, North Dakota.
Depth of the Bakken objective in the area is approximately 11,000 feet, with horizontal lateral extensions of 4,000 to 9,000 feet estimated to cost between $4.5 and $5.0 million. According to area production data, successful Bakken wells have respectively resulted in production rates of up to 800 barrels per day (bbls/d), with projected estimated ultimate recovery (EUR) ranging between 300-800 thousand barrels of oil per 1,280-acre unit.
“The Bakken Shale is one of the most exciting plays in the domestic US, and Western Standard is looking forward to working with its partner OFA in developing these prospects in the coming months,” stated Dan Bauer, President and CEO of Western Standard Energy. “It has been a little over a month since the US Geological Survey confirmed what many in the industry have known about North Dakota’s potential oil supply for a very long time.”
Last month’s US Geological Survey (“USGS”) assessment report for the area has estimated “3.0 to 4.3 billion barrels of undiscovered, technically recoverable oil in the Bakken Formation.” This estimate shows a significant leap from an estimate made by the government agency during its last assessment of the area in 1995, which showed a potential recoverable 151 million barrels of oil.
About Western Standard Energy Corp.
Western Standard Energy Corp. is a publicly traded independent oil and gas exploration company. Western Standard aims to secure and develop a portfolio of oil and gas properties throughout the Central and Western United States of America. Western Standard Energy Corp. is a publicly traded company and trades on the OTC BB under the ticker symbol: WSEG. Shareholders are invited to contact corporate communications toll free at (888) 956-7843 for further information.
Western Standard Energy Corp.
Dan Bauer, President
Contact:
Western Standard Energy Corp. Dan Bauer, 888-956-7843 Investor Relations ir@western-standard.com
www.western-standard.com
Source: Western Standard Energy Corp.
