The Blacksands Pacific Group Inc. including affiliates and subsidiaries has reached an agreement with its partner, to jointly develop the oil prospects within the Williston Basin Prospect, in North Dakota. The Williston Prospects includes oil and gas leases held within the Tyler, Lodgepole, Bakken, Red River and Three Forks producible zones.
The oil and gas leases extend in excess of 50,000 net acres with proposal for an initial 72 wells drilling program at an estimated capex cost of approximately $200m. Blacksands Pacific participation represents a core investment strategy in-line with its domestic growth plan. Blacksands Pacific through its subsidiary (Blacksands Pacific Williston Basin, LLC (“BSPWB”)) will jointly operate this oil prospect with a 50 per cent working interest in the operation, and also provide 100 per cent of the required capex cost.
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