PetroShale Inc. (the "Company") is pleased to announce, in partnership with Slawson Exploration Company, Inc. the execution of an agreement to purchase certain assets within the Stockyard Creek field, southern Williams County, North Dakota, from Samson Oil & Gas Limited for a purchase price of US$934,407 dollars.
The net asset, to the Company, consists of approximately a 5.5% working interest in 106 net leased Bakken and Three Fork acres in two overlapping 1280 acre drilling units in sections 13, 14, and 15 Township 154N Range 99W, an interest in the drilled, and yet to be completed, middle Bakken Sail & Anchor well as well as a share of the operating salt water gathering and disposal system. Upon completion of customary post-closing items, the assets acquired will be held by the Company's wholly owned subsidiary PetroShale (US) Land 1 LLC.
As part of the transaction Slawson Exploration Company, Inc. will take over operatorship and commence completion of the Sail & Anchor well and begin a planned drilling program with a dedicated rig, which will include an anticipated additional 3 to 4 (gross) wells drilled by year end 2013. Evan Genaud, CEO and President of PetroShale Inc. stated, “We are very pleased to be partnering with operator Slawson Exploration Company, Inc. and Samson Oil & Gas Limited to develop the Bakken and Three Forks formation in the Stockyard Creek field. This transaction is an illustration of PetroShale (US)’s growth strategy in the Rocky Mountain region.”
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