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NDB Energy Commences in Niobrara Play

Source: www.gulfoilandgas.com 4/3/2012, Location: North America

NDB Energy, Inc., an emerging independent oil and gas company, announced it has completed the acquisition of Armada Oil, Inc. through a share exchange agreement.

Armada Oil, Inc. is an independent energy company engaged in the exploration of shale oil through the development of a multiple objective oil and gas exploration project located in and around the Laramie and Hanna Basins in Southern Wyoming. Armada holds interests in Carbon County, Wyoming that includes a 25,00 acre Niobrara and Casper formation project near existing infrastructure including oil and natural gas pipelines, oil refineries, and gas processing plants as well as various productive oil and natural gas fields. To date, the company has acquired 1,280 acres, engineering data, 2D seismic and has an option to purchase an additional 23,700 acres.

The Niobrara shale formation is considered an unconventional oil play. It is regarded by some to be amongst the next major resources plays and has been compared to the successful Bakken shale formation. Technological advances in horizontal drilling and hydraulic fracturing in the last decade have helped create new opportunities in U.S. unconventional energy plays such as the Bakken and Niobrara. The Niobrara is in its early stages and major players and operations include EOG, Chesapeake, Noble, Anadarko and others who hold significant leaseholds are positioned for growth as the field develops.

Commenting on the announcement, James J. Cerna, President and CEO of NDB Energy, Inc., stated, “This acquisition is an important corporate milestone for our Company. Our mission to develop and commercialize high-value domestic onshore properties fits well with Armada, which has control of over 25,000 net acres with seismic and previous well control indicating a potential Niobrara opportunity. Further, there are several additional pay zones within the property, which we plan to test, including a deeper conventional Tensleep formation. Engineering progress has been made and we intend to further this work with additional 3D seismic and drilling this year.”

David Moss, President of Armada Oil, Inc. commented, “Our new status as being part of a public company with NDB Energy, Inc. will provide us far better access to the capital markets and shorten the timeline in advancing our project. I look forward to working closely with Jim Cerna and the rest of the NDB Energy team to create and drive shareholder value through the development and increase of our acreage position.”

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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