Northern Petroleum Plc reports the acquisition of additional leases in Canada, following yesterday’s Alberta Crown lands sale, and provides further detail of the production opportunity.

Yesterday Northern acquired additional leases over 4,000 acres increasing its aggregate holding of petroleum and natural gas mineral rights in Canada to 9,300 acres. These leases are all centred in one basin in Northern Alberta. To date they have produced a combined 11 million barrels of oil from an estimated 56 million barrels of oil originally in place, representing a recovery factor of approximately 20 per cent.

The total acreage contains 37 abandoned wells, of which 19 have initially been identified by Northern as being capable of re-entry for further production. This area has multiple redevelopment opportunities for the existing high productivity reefs in the Keg River Formation as well as the Muskwa emerging unconventional shale play.

Tags: Northern Petroleum