2011-06-21-2011-06-06-2011-06-06

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
0MM
Description

Acquired additional 3,000 acres in JV targeting Exshaw/Bakken light oil resource play in MT.

Vecta Energy Corp., Calgary, (Toronto: VER) reports an increase of approximately 3,000 acres in lands held in its joint venture targeting the Exshaw/Bakken light oil resource play in north-central Montana with Calgary-based Vecta Oil & Gas Ltd.

Vecta Oil & Gas continues to acquire leases strategic to the JV drilling program and the JV now has interests in more than 120,000 acres, with 60,000 acres assignable to Vecta upon closing of the JV.

Vecta president Tom Coffman says, "Recent results continue to verify what our technical team has believed all along. Positive news from others in the Alberta Bakken play confirms there is pervasive mature source rock with oil in the system. Recently released production rates from other operators are in excess of 200 BOE/d with no water. Wells are being planned, permitted and drilled on lands directly offsetting JV acreage on the eastern flank of the block. We see the play continuing to expand to include the JV block where shows in the Exshaw/Bakken are well- documented."