Cougar Oil and Gas Canada issued an operational and financial update on its oil and gas operations in Canada. The company has several active project areas in Alberta and British Columbia.
Cougar Oil and Gas completed a 3D seismic program on its properties and expects to receive the data in approximately four to six weeks. The company will analyze the data and decide on the drilling program to be used to develop the property over the next two years. Cougar Oil and Gas anticipates both vertical and horizontal drilling locations at up to five separate areas at the project.
Cougar Oil and Gas has received all permits and licenses to begin a multi well drilling operation targeting the Keg River and Granite Wash prospects. The company is currently constructing infrastructure and selecting the rig to use for the program.
Cougar Oil and Gas signed a farm in deal with a private oil and gas company in the Manning area of north western Alberta. The company is required to drill one well by the third quarter of 2011 to earn a 100% working interest in the property.
The cost of the 3D seismic program was $1.1 million, and Cougar Oil and Gas funded the program through the exercise of warrants by some investors. The company funded the $3.5 million cost of the Keg River and Granite Wash projects through the issuance of convertible notes.
For more information on the company, go to www.cougaroilandgascanadainc.com