PetroWorth Resources, based in Canada, has inked a farm-in agreement with Pine Petroleum, which is based in Calgary, for drilling an oil prospect in south Alberta.
According to the agreement conditions, PetroWorth will be drilling an exploration well to an estimated depth of 1,000 m, which will focus on the numerous prolific oil zones in the common region for earning a 50% working interest in the property of Pine Petroleum. Major payouts will be obtained by PetroWorth, when the well starts production. PetroWorth will be operating this oil exploration well and has hold on to the services of Canadian Petroleum Engineering based in Calgary in order to arrange and oversee the drilling operations. The drill program has been planned to begin in November, 2011.
The planned oil well will appraise numerous target zones, in which some zones has yielded oil during the drill stem test. This oil prospect has been located by means of an offset well control, imaging through satellite and seismic analysis. The quality of the sandstone reservoir in the offset well is ranging from good to exceptional. Depending on different kinds of information, the possibility of reservoir quality sands is validated at 80% and the structural closure probability is calculated at 70%.
Source: http://www.petroworth.com/