VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 2, 2011) - Big Sky Petroleum Corporation (TSX VENTURE:BSP) -
- Well 14-29 - horizontally drilled and cased awaiting fracture stimulation
- Well 15-13 - drilled and cased vertically awaiting a horizontal completion
- Well 81-3 - drilled vertically and stimulated confirming presence of oil
Big Sky Petroleum Corporation (formerly Fox Resources Ltd.) is pleased to provide an update on the Company's Glacier Project in NW Montana, USA.
The Company and its two partners, FX Energy (FXEN) and American Eagle Energy (AMZG), have completed drilling and casing a horizontal sidetrack from the group's previously drilled vertical test, of well 14-29, in Toole County, Montana. Good oil and gas shows were noted throughout the drilling of the horizontal section. The approximate 4,100 feet lateral section targeted the Bakken Formation and was cased with a 4.0" liner equipped with 26 stimulation sleeves. A multi-stage fracture stimulation is currently slated for December.
The group has also completed the drilling of the vertical section of the Big Sky Operating 15-13 in Toole County. The 15-13 was cored and logged in three prospective sections of the Bakken Source System with noted visual oil shows in all three sections. The 15-13 has been cased awaiting further drilling and completion operations that will be conducted based on evaluation results and would likely include targeting the most prospective of the multiple pay zones with a horizontal sidetrack in Q1 2012.
Big Sky is working with it partners to determine the next drilling location to advance the Bakken project in the Southwest Cut Bank Sand Unit. The SWCBSU 81-3 in Glacier County was a vertical deepening of an existing well designed to cost effectively evaluate the various prospective zones within the Bakken Source System. The SWCBSU 81-3 strat test well confirmed the presence of oil in the target zones following a small stimulation of multiple zones in the well. Further drilling plans currently being evaluated will likely include a vertical pilot well with a horizontal lateral in the vicinity of the 81-3 and targeting one of the multiple oil-bearing zones in early Q1 2012.
Milton Cox, the Company's Chief Executive Officer commented, "Big Sky's management and technical team are greatly encouraged by the results we have seen. Confirming oil in the Cut Bank field area on the west flank of the Kevin Dome, documenting strong oil shows in the horizontal leg of the 14-29 and the very promising results from the 15-13 wells located on the central portion of the dome further confirms the potential of the Bakken/Three Forks on Big Sky's leasehold. We look forward to significantly advancing the project evaluation on both our Dome and Basin acreage adjacent to the Newfield and Rosetta indicated discoveries. We remain on target to position Big Sky as a major participant in this exciting and rapidly evolving play."
About Big Sky
Big Sky is an oil and gas exploration and development company based in Billings, Montana, with its main focus primarily on the exploration and development of oil and gas in the Alberta Basin, commonly referred to as the Bakken source system. Big Sky has amassed a vast geological library identifying Bakken source system members. Accordingly, all leases acquired by Big Sky have been selected based on the analysis of geological data accumulated over the past several years. Big Sky's success in acquiring its leasehold interests has resulted in Big Sky becoming a significant player in the Montana Alberta Basin's emerging Bakken play. Other oil and gas companies active in Montana include Quick Silver Resources, Rosetta Resources, Newfield Exploration and Crescent Point Energy. To date, Big Sky owns a 33.333% working interest in approximately 100,000 net acres in Toole and Glacier counties, Montana.
The Company currently has 60,676,665 common shares issued and outstanding.
On behalf of the Board,
Milton Cox, Chief Executive Officer & Director
This press release contains "forward-looking information". Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, the risks and uncertainties outlined in our most recent financial statements and reports and registration statement filed with the Canadian securities administrators (available at www.sedar.com). Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information:
Milton Cox
Chief Executive Officer & Director
604-687-3520
604-688-3392 (FAX)