GeoPetro Buys Interest in Swan Hills

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

GeoPetro Resources Co. (NYSE, Amex: GPR) now owns 100% working interest in the Swan Hills Project in central Alberta after closing on a transaction which gives PetroBakken Energy Ltd. and Mosaic Energy Ltd. an overriding royalty interest.

GeoPetro’s share of the field went from 33.3% to 100% as a result of the deal, which did not require any cash at closing.

The Swan Hills Project covers 4,480 acres. The acreage is shot with high quality 3D seismic which has identified a large and attractive reefal complex with a potential for 50 million barrels of recoverable oil reserves or a potential for 250 billion cubic feet of recoverable natural gas reserves with significant associated oil.

The project is located in the prolific Swan Hills area of Alberta and is in the general vicinity of major oil discoveries to the north (Judy Creek Field and Carson Creek Field) and major natural gas discoveries with significant associated oil to the south and to the west (Rosevear Field and Kaybob South Field).

A well is planned for the 4th quarter of 2012 or 1st half of 2013. GeoPetro, an independent oil and gas company, has headquarters in San Francisco and operations in the United States, Canada and Indonesia.