Primary Petroleum Corporation Provides Montana Update; Trading Near Yr Lows
Primary Petroleum Corporation (PIE.V), which is trading near year lows, advised that the $41 million Phase I Exploration Program on its Southern Alberta Basin Prospect in NW Montana has been completed.
The Program consisted of 95 sq. miles of proprietary 3D Seismic; nine vertical wells of which seven were to acquire stratigraphic information and identify prospective reservoirs and three horizontal wells. Existing 2D and newly acquired 3D seismic have been integrated with the new drilling data which will assist in determining where future exploration efforts should be concentrated. The seismic and drilling coverage completed to date evaluates approximately 20% of the 384,000 gross acres (600 sections) that Primary and its JV Partner have exposure on, delivering approximately 328,000 net acres (512 sections) in the Southern Alberta Basin Fairway in NW Montana.
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