Milestone Exploration Inc.

Transaction Type
Sellers
Marketers
Post Date
Close Date
Estimated Price
0MM
Description

Milestone Exploration Inc. has retained Rundle Energy Partners to sell its 100% owned Carmangay Field in southern Alberta. The package involves 100% working interest in 3,840 gross acres with 11 producing wells. Current production is 313 barrels of oil equivalent per day (292 barrels of oil; 125,000 cubic feet per day). Total proved reserves as of Sept. 1 are 1 million barrels of oil with 593,000 barrels probable. Carmangay Field is a fully delineated Barons sand oil pool with upside potential under a waterflood scheme with low-risk infill drilling. Approximately 55% of the pool is currently under waterflood. Estimated production after full development is 600 barrels of oil equivalent. Additional upside potential exists in the Milk River and Bow Island zones. The package also includes a 39% working interest in a gas-gathering system. The bid due date is expected in early October. Contact Ben Wirzba, 403-298-9736.