View Single Post
  #15  
Old Posted Feb 12, 2007, 10:15 AM
Smevo's Avatar
Smevo Smevo is offline
Sarcstic Caper in Exile
 
Join Date: Mar 2004
Location: Calgary
Posts: 3,110
Oil on CBI

Today's CB Post

Quote:
Monday, February 12, 2007

Lake Ainslie area could be site for oil drilling program

By By Wes Stewart
the Cape Breton Post

By Wes Stewart

Cape Breton Post

LAKE AINSLIE — Soil tests and seismic exploration to be conducted this year will determine the best locations for an oil drilling program in the Lake Ainslie area.

PetroWorth Resources Inc., Calgary, has commissioned consulting geoscientists W.G. Shaw and Associates of Antigonish to do an evaluation of the geological and geophysical components on 383,000 acres of land it holds exploration and development rights near Lake Ainslie.

Shaw and Associates surveyed the area in 2004 and concluded it has geology similar to the McCully and Stoney Creek fields near Moncton, N.B.

PetroWorth Resources is a junior oil exploration company with extensive onshore properties in eastern Canada.

President Neil Mednick said Shaw’s previous work came to the conclusion this could very well be a hydrocarbon-bearing area.

“They believe at this stage the geological structure is very similar to the structure at Stoney Creek.”

That field that has produced about 800,000 barrels of oil and about 30 billion cubic feet of gas to date, he said.

The Ainslie block has a whole number of oil seeps on the property.

“It’s an indication of hydrocarbons and oil, the question is how is it sitting — in reservoirs or inordinately fractured and hard to produce, and those are the kinds of things we need to find out,” Mednick said.

Shaw will do follow-up work to their earlier study.


“We expect those results to be pretty positive,” and will follow with an extensive 2-D seismic project on the property.

“Depending on the seismic results we would expect and hope to engage in an exploration drilling program.

“If we hit we will be very happy,” Mednick said.

The area has been explored for years but modern exploration methods will allow them to more accurately pinpoint where the pools might be, he said.
Not sure whether I like it or not, mostly depends on where it sits.
__________________
Just another Caper in Alberta...

Last edited by Smevo; Feb 19, 2008 at 11:58 PM.
Reply With Quote