Canadian Spirit Resources Inc., Calgary, reports it has acquired additional Montney formation rights in approximately 9,213 net acres in the Farrell Creek area of northeastern British Columbia from recent lease sales, increasing the company's net land position in the Montney shale by approximately 92% to more than 29 net sections.
The acquired properties comprise approximately 17 gross sections (14 net sections) or approximately 9,213 net acres contiguous to existing lands at Farrell Creek. The drilling licenses include rights from the base of the Nikanassin formation to basement, including the Montney, Doig and other prospective formations.
Canadian Spirit Resources chief executive Don Gardner says, "July will be an active period with our joint venture partner, Canbriam Energy BC Partnership, currently fracture stimulating the lower Montney Formation at the c-A48-I location, and Crew Energy completing a Montney horizontal well at the Portage c-20-E location immediately south of our recently acquired lands."
The company's working capital position remains at approximately C$12 million, with no debt.
Canadian Spirit Resources focuses on developing unconventional gas resources in western Canada.
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