PetroBakken Energy Ltd. declare recent exploration developments with respect to the highly prospective Beaverhill Lake formation in the Swan Hills area, which we have targeted as one of our key new resource growth areas. Recent farm-in agreements with Arcan Resources Ltd. (Arcan) has enabled us to secure up to 21.5 (11.25 net) sections of land within the prospective areas of the play by drilling 5 commitment wells and 2 option wells. Upon completion of these farm-in wells and combined with our existing acreage, we will have 90.5 (78 net) sections of land in this play with more than 175 potential net drilling locations identified.

To date, we have drilled 1 well and participated in 1 (0.5 net) farm-in well, and we are currently drilling 2 additional net wells targeting light oil in the Swan Hills area. We plan to be an active driller in the area with current plans to drill between 5 and 7 additional wells targeting the Beaverhill Lake formation by the end of the first quarter of 2013.

Tags: PetroBakken Energy