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Pine Cliff Energy Ltd. Announces a Farm In Arrangement in Argentina
Pine Cliff Energy Ltd. Announces a Farm In Arrangement in Argentina.
About this update from Pine Cliff Energy Ltd.
[{"type":"text","content":"\n\n\n\nCALGARY, June 12 /CNW/ - Pine Cliff Energy Ltd. ("Pine Cliff" or "the\nCompany") (www.pinecliffenergy.com) (TSX Venture: PNE) is pleased to announce\nthat its 93% owned subsidiary, CanAmericas Energy Ltd. ("CanAmericas"), has\ncompleted another major farm in arrangement in Argentina. This farm in will\nresult in Pine Cliff earning an interest in a total of 252,048 gross acres\n(63,012 net acres) of exploration and exploitation lands.\n\n\nCanAmericas now has interest in 1,166,534 gross acres (net 606,431) in\nArgentina and is well positioned to proceed with aggressive exploration\nprograms in the future.\n\n\nCanAmericas has negotiated rights to earn a 25% working interest in 1,020\ngross km(2) (63,012 net acres) in an exploration concession which is situated\non the southeast flank of the prolific Neuquen Basin, Argentina. The\nconcession is adjacent to the Estacion Fernandez Oro oil field situated to the\nnorthwest, and adjacent to Flor de Roca, General Roca, and Don Jose oil fields\nto the north. These fields collectively produce from the Lower Cretaceous -\nJurassic aged Quintuco, Lotena, Los Molles, and Punto Rosada Formations.\nAdditionally, it is believed that the Pre-Cuyo interval may also have\nsignificant potential, as it lies on trend with Chevron's La Yassera and Loma\nNegra fields. Expected target depths range from 500 - 2,200 m. There are 140\nkm of existing 2D seismic lines, but no wells have been drilled on the block.\nPlans include reprocessing the existing seismic data and acquiring 250 km(2)\nof proprietary 3D seismic to mature the inventory of existing leads. To earn\nthis 25% working interest the Company has committed to pay 40% of the costs to\nacquire the 250 km(2) proprietary 3D seismic. The costs for 40% of the seismic\nprogram are estimated to be U.S. $1,080,000.00.\n\n\nThis Farm In Arrangement is subject to completion of due diligence by\nboth parties.\n\n\nThe TSX Venture Exchange does not accept responsibility for the adequacy\n\n\nor accuracy of this release.\n\n\n%SEDAR: 00021536E\n\n\n","length":2135,"tagName":"div"}]