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Zodiac Exploration Inc. Announces Spudding of the First Well by Aera Energy LLC on its Mortgage Block in the San Joaquin Basin, California
Zodiac Exploration Inc. Announces Spudding of the First Well by Aera Energy LLC on its Mortgag...
About this update from Sintana Energy Inc.
[{"type":"text","content":"\nZodiac Exploration Inc. Announces Spudding of the First Well by Aera Energy LLC on its Mortgage Block in the San Joaquin Basin, California\n\nZodiac Exploration Inc. Announces Spudding of the First Well by Aera Energy LLC on its Mortgage Block in the San Joaquin Basin, California\nCalgary, Alberta CANADA, February 14, 2013 /FSC/ - Zodiac Exploration Inc. (ZEX - TSX Venture), (\"Zodiac\" or the \"Company\") is pleased to confirm that the Aera - Mortgage 881D-15 well in the San Joaquin Basin has been spudded by Aera Energy LLC (\"Aera\"), subject to the terms of the previously announced Farmout agreement (October 23, 2012), under which, Aera will cover 100% of all costs for this first well, plus further wells comprising; a vertical well and two horizontal wells. The horizontal wells may be drilled out of the vertical wellbores or as standalone wells at Aera's sole discretion. \nZodiac has a strong, positive balance sheet and continues its endeavors to enter into further farmout arrangements on its remaining land in the San Joaquin basin.\nAbout Aera\nAera Energy LLC is one of California's largest oil and gas producers, accounting for approximately 25 percent of the state's production. Headquartered in Bakersfield, Calif., most of Area's production is centered in the San Joaquin Valley. The company also has oil field operations in Ventura and Monterey counties.\nAbout Zodiac \nZodiac is a Calgary based company formed to explore for and eventually develop and produce oil and gas assets in North America with a focus on the San Joaquin Basin in California, USA. Zodiac has an accumulated land base of approximately 86,000 net acres in Kings and Kern Counties, California prior to any earning by Aera under the Farmout Agreement. Zodiac believes that its acreage position contains unconventional (low permeability) as well as conventional light oil prospects. \nFor more specific information on the Farmout Agreement, please refer to the Zodiac website at: \nhttp://www.zodiacexploration.ca/upload/news_release/35/01/121023--zodiac-signs-farmout-agreement-with-aera-energy.pdf \nFor further information please contact:\nZodiac Exploration Inc.\nPeter Haverson\nPresident & CEO\n(403) 444-7896\[email protected] \nCautionary Statements\nThis press release contains certain forward-looking statements and forward-looking information (col...