Marathon maintains its goal of divesting between US $1.5 billion and US $3 billion in assets from 2011 through 2013.

The working interests will increase the company's ownership in its highly-profitable wells at the Texas Reef Properties and the prospective acreage and five-mile gas gathering line system.

The prospect targets large-scale oil accumulations trapped within the Mississippian Devonian-aged Bakken and Three Forks sandstone reservoirs.

Current production net to PetroShale from seven wells is 60 barrels of oil equivalent per day.

Petro One will receive C $105,000 in cash and a 7.5% gross over-riding royalties on all future oil production, surface to basement, for its working interest in the property.

The acquisition is located along the northern border of ExxonMobil's Point Thomson Unit.

Scully Exploration expects to drill more than 300 additional wells on their leases.

Sandia Drilling of Texas LLC is a service and supply company based in Bossier City, La.

Phase one drilling to develop prospective Marble Falls and Barnett shale formations is slated to commence within 45 days.