CALGARY, Nov. 18, 2011 /CNW/ - Ptarmigan Energy Inc. (Ptarmigan) has
secured 100% working interest in two new parcels of land offshore
Western Newfoundland. The Canada-Newfoundland and Labrador Offshore
Petroleum Board has accepted Ptarmigan's bid of $1,501,000.00 for
Parcel 1 and $501,000.00 for Parcel 2 in Area "B" - Western
Newfoundland and Labrador Offshore Region. Parcel 1 consists of 218,468
hectares, and Parcel 2 consists of 135,520 hectares. The effective date
will be January 2012 for a nine year period.
President and CEO Craig Boland says this reinforces Ptarmigan's
commitment to offshore Newfoundland and Labrador. "We are excited about
the industry opportunities that exist in the offshore, and with this
investment we are committed to moving forward with the acquisition of a
1000 square kilometre 3D seismic program and the drilling an offshore
well within the next two years on prospects already identified."
Ptarmigan currently holds EL 1120 on 140, 100 hectares north of the Port
au Port Peninsula and south of the Bay of Islands. This latest
acquisition increases their licence offshore Western Newfoundland to
494,088 hectares (1,220,000 acres). The parcels have nearby oil wells
and strong hydrocarbon indications.
Leo Power, VP Business Development, and Chair of the Board of Directors
says "Our vision is to be a leading and responsible industry player in
facilitating the discovery and production of oil resources in Western
Newfoundland. With this acquisition Ptarmigan is strengthening its ties
to the province and is pleased to invest in such a highly accessible,
industry friendly region."
About Ptarmigan Energy Inc. - Ptarmigan Energy Inc. is a private oil and gas company whose management
and technical team are committed to exploring and successfully
developing oil weighted projects in both the conventional and
non-conventional (oil-in-shale) prospects defined within the offshore
waters of the autochthonous and allochthonous sections of the
Cambro-Ordovician platform of Western Newfoundland. For more information go to: www.ptarmiganenergy.com
SOURCE Ptarmigan Energy Inc.
For further information:
Craig Boland, President and CEO