Petsec Energy announced that it has expanded its shale oil project area in the Western Sedimentary Basin of Alberta, Canada.
Petsec Energy has entered into an agreement that will increase the shale oil project area from 17,280 lease acres to 26,080 lease acres. Petsec Energy Ltd.'s net holding interest increases from 4,234 lease acres to 6,434 lease acres.
The company will also drill its first horizontal well to test for oil productivity in the shale oil reservoir.
The well is expected to spud in late October 2012 and will be ...