Parts of a premium natural gas reserve in the Greater Green River Basin of the Rocky Mountains are now officially the property of Grid Petroleum Corp. The company acquired assets in SE Jonah Field, located in Wyoming. This final agreement has been signed pursuant to the Letter Of Intent (LOI) signed earlier this year.
This well-defined region meets Grid Petroleum’s model of low-risk, high-impact exploration and development. The region has an incredibly high success rate for drilling and completion, and it is reported that in 2006 over 3,000 wells were drilled with a success rate of almost 98%. The Green River Basin area contains approximately 26 TCF (Trillion Cubic Feet) of natural gas. According to the Wyoming State Geological Survey, experts estimate that the Jonah Field contains about 7 to 10 TCF.
Oilfield services giant Schlumberger has been retained to commence updating a technical report on the prospect, for analysis and development appraisal of the property. Grid Petroleum plans to detail the report’s findings in the near future. The company hopes that a development work program will commence on the property soon after the report is fully processed.
Paul Watts, CEO of Grid Petroleum, said: “Acquiring these assets in such a prime location for natural gas reserves is an extremely positive move for Grid. This area has long been regarded as one of the highest quality sites in North America and I look forward to beginning development work on the property. We are looking forward to receiving the prospect report from Schlumberger, as we see this as a sensible move as a first stage of appraisal. With their vast experience and their cutting edge technology, we will be better placed to maximize the potential of our acquisition, and understand the scale of our undeveloped resource”.