NORDIC OIL & GAS FROM THE STOCKHOUSE BOARD:
What Nordic apparently discovered in the area north of Preeceville late last year were "oil seeps," not unlike those that led to the discovery of oil at Turner Valley, Alta., in 1914, Benson said.
Nordic drilled two exploratory wells in the Preeceville area and hopes to drill another two to three wells in March. The company is awaiting environmental and other approvals and expects to be in position to apply for well licences later this week.
According to Nordic's website, "the east-central region of Saskatchewan is a shallow, cost-effective area where it is believed that enormous quantities of oil are trapped by the 'Prairie evaporate salt collapse edge.' "
"We're hopefully going to make a huge discovery here," Benson said. "We believe it's going to be light crude."
Benson said Nordic has acquired a "tremendous amount of land" in the area, consisting of about 112,000 acres. "We expect to be something very substantial (in) a whole new area for Saskatchewan, and we believe that we'll be right in the heart of it."
Nordic also believes the Preeceville area, which is on the northeastern edge of the Western Canadian Sedimentary Basin, may also hold "an abundance of shale gas." |
