News: Tamaska Oil and Gas acquires British Columbia acreage

Tamaska Oil and Gas (ASX:TMK) has acquired 3,000 net acres in a rapidly emerging part of the Montney Resource Play in British Columbia, Canada, that is prospective for unconventional wet gas and oil.

Latest well results from this area indicate that it could potentially rival the Texas Eagle Ford Shale in performance.

The Montney is a pervasive hydrocarbon system over 100 kilometres wide that is emerging as one of North America’s premier resource plays with more than $22 billion in merger and acquisition deals since 2010.

It has ultimate potential, commercial volumes estimated at 449 trillion cubic feet of gas, 14.5 billion barrels of natural gas liquids and 1.1 billion barrels of oil.

The play has been a growth catalyst for a number of mid-tier Canadian companies such as Crew Energy and ARC Resources, as well as attracting significant investment from international majors, including Shell, Encana, Exxon, Sinopec and PETRONAS.

Over 3,500 horizontal wells have been drilled in the Montney.

Tamaska’s land position offers over 35 net drilling locations given that active operators in the area are planning developments with 8 or more horizontal wells per square mile (640 acres).

The company has also developed a strategy to acquire additional acreage in the Montney over the next six months in targeted areas.

Tamaska is well funded with $4.8 million as of 30 July 2014 after additional funds were raised through a placement of shortfall shares.

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