Brixton Energy to farm into 8,320 acres in Alberta

2012-10-15 06:15 ET - News Release


Mr. Richard Saxon reports


Brixton Energy Corp. has provided a corporate update. Brixton has signed a letter of intent to farm in on 8,320 acres (13 sections) of high-oil-production property in the Panny River area with PNG mineral right from surface to basement. This property has two drill locations identified based on 3-D seismic. The two drill targets have been identified as undrained oil pools. The geological and geophysical mapping reveals two proven production trends extending over the property. Offset wells show high oil productivity from the Keg River formation. A single well initial production could be 150 to 200 barrels a day of light sweet crude oil at 39 degrees API. This land package also include the Slave Point formation and deeper Granite Wash formation.

With this additional letter of intent Brixton has farmed in on a 50/50 split of the revenue on 24,000 acres (35.4 sections) of PNG mineral right from surface to basement in Alberta.