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Pine Cliff Energy Ltd. Announces Farm In Arrangements in Argentina
Pine Cliff Energy Ltd. Announces Farm In Arrangements in Argentina.
About this update from Pine Cliff Energy Ltd.
[{"type":"text","content":"\n\n\n\nCALGARY, April 10 /CNW/ - Pine Cliff Energy Ltd. ("Pine Cliff" or "the\nCompany") (www.pinecliffenergy.com) (TSX Venture: PNE) is pleased to announce\nthat it has completed two major farm in arrangements in Argentina. The farm\nins will result in Pine Cliff earning interests in a total of\n912,810 gross acres (542,410 net acres) of exploration and exploitation lands.\n\n\nCanadón Ramirez Property\n\n\nCanAmericas Energy Ltd. ("CanAmericas"), a 93.3 percent owned subsidiary\nof Pine Cliff, has earned a 49% interest and is the largest interest owner in\n47,940 gross acres (23,490 net acres) of an exploitation concession situated\nin the western part of the San Jorge Basin, Argentina, by committing to fund\n100% of exploration costs totaling $US 5,500,000 over the next two years. The\ncommitment includes conducting a 3D seismic program and drilling three wells\nin the first year at an estimated cost of $US 4,630,000. In the second year of\nthe commitment, CanAmericas is committed to spend the remainder of the\n$US 5,500,000 on drilling.\n\n\nThe acreage is bordered by several producing oil fields. Over 40 separate\nprospective reservoirs belonging to the Upper-Mid Cretaceous-aged Bajo Barreal\nand Castillo Formations, exceeding 13 feet in thickness, are known to exist\nwithin the farm in area at depths between 1950 - 5000 feet. Additionally,\nNeocomian aged source rocks within the farm in area have been proven to be oil\ngenerating and over pressured.\n\n\nCanAmericas is currently conducting a 75 square mile 3D seismic survey\nwhich is to be completed and assessed by the end of Q2, 2007, the first to be\nrecorded over the producing and earned areas that will permit detailed\nstratigraphic and structural confirmation of multiple leads that were\ninitially developed from existing 2D coverage. An agreement was made with an\nadjacent operator to trade seismic data providing the Company with data over a\ntotal of 93 square miles. This will allow CanAmericas to tie in its seismic\ndata to seismic conducted over an existing producing oil field. A drilling rig\nhas been contracted and drilling of three prospects is scheduled to begin by\nAugust, 2007.\n\n\nSan Jorge Basin Property\n\n\nCanAmericas has negotiated exclusive rights to progressively earn a 60%\ninterest in 864,870 gross acres (518,920...