“We have several groups interested in closing a transaction on a working interest stake into our projects and we expect to close on these transactions pending due diligence and approval by the Board stated Atul Trivedi, chief executive. So far this year, we have acquired 109, 000 acreage position primarily in the proven Bakken Shale area, and we are delivering on our goal to acquire acreage with partners as major invested working interests. This is a crucial step on the road to accelerating Cress’ transformation into a significant US onshore oil and gas company, participating in wells in which we hold with our partners working interests which will result in quicker production and revenues to the Company.”
With an estimated 24 billion barrels of oil within the Williston Basin, the Bakken has been the nation’s largest oil discovery in more than 40 years. When the Bakken Formation was first assessed by the USGS for recoverable reserves, it turned out to be only a fraction of what the USGS and industry have actually discovered today. There continues to be acreage of recoverable oil throughout eastern Montana within the Bakken and Williston Basin.
Just over two weeks ago the company issued a statement that it had acquired a 65,000 gross acre (50,000 net acre ) lease position in the Alberta Bakken Shale formation in the Treasure State.
At the time, Cress Oil announced plans to drill the initial 6-9 Bakken wells during the next 24-36 months, which will represent the start of a continuous, multi-rig development program for the company. In conjunction with a major oil company, Cress will develop the large acreage region over a period of the next 5 years.
“Our 65,000 acreage position in this region gives us a large competitive advantage in the Bakken Shale,” said Atul Trivedi, chief executive officer of Cress Oil, Inc. “We believe the Bakken Shale gives X-Change Corporation a game-changing resource play for the United States and will be a major focus of Cress’s future exploration and production activities.”
In addition Cress Oil has taken down 7,500 of the 44,000 mineral acres position the company purchased earlier in the Bakken and Three Forks formation in the US portion of the Williston Basin of Montana.
The mineral interest acquired by Cress Oil covers approximately 44,000 acres in Roosevelt County, Montana in the northeast range. Roosevelt County continues to increase in daily production in oil and gas as more wells are successfully drilled. The company plans to drill within the next twelve months. The objective of this project is to exploit recently discovered reservoirs of shale oil and gas and other minerals. According to recent studies there is a large oil formation throughout the lease.
Because the Bakken shale has moved up into Canada, specifically Alberta, Canada, Cress Oil intends to explore and develop deep into the southern Alberta basin of Montana as well.