Eco-Trade Corp., an independent oil and gas exploration company, said on Monday that it has signed a Letter of Intent to purchase the South Bakken Prospect in Montana in an area that has the potential to produce between 80 and 120 million of barrels of oil recoverable.
Eco-Trade will have the rights to the exploration, drilling and production rights on a property in Lewis & Clark County in Montana, near Great Falls, totaling over 5,800 acres called the South Bakken Prospect.
The property is located in the southern part of the Alberta Bakken Fairway, which is at least 175 miles long (north-south) and 50 miles wide (east-west), and which extends from Alberta southwards through Montana’s Glacier, Toole, Pondera, Teton and Lewis & Clark counties.
The Alberta Bakken Fairway is time-equivalent to the Bakken Petroleum System of the Williston Basin, and is considered a proven play with production and DST hydrocarbon recoveries from the Bakken, and Exshaw Formation in Canada. While management believes that the letter of intent and subsequent agreement may conclude successfully, the company cannot warranty or guarantee success.
In October, Eco-Trade said it had begun an internal review of its business model and is exploring options in new businesses ventures and industries. The company is also studying its options for raising capital and is in discussions with various groups in that regard. This was quickly followed by a company announcement on Nov. 1 to enter the petroleum industry in Montana Bakken.
–Edgar Ang, firstname.lastname@example.org | www.opisnet.com