Western Standard Energy Corp. is an independent oil and gas exploration company focused on providing domestic energy resources for a secure America. By teaming with partners and third-party service companies that are willing to incur the majority of costs and work associated with the exploration and drilling process, Western Standard is able to retain a lean corporate structure that favors increased return on investment.
One of those partnerships is the newly signed agreement with East Dickenson Oil and Gas Co. The agreement covers a package of 10 State of North Dakota oil & gas exploration leases in and around Dickinson, North Dakota. The new leases effectively add around 750 net acres to the company’s exploration assets. All the Leases have a 1/8 royalty to the State of North Dakota, with the exception of two of the Leases, which have a 1/6 royalty.
The U.S. Energy Information Administration projects world consumption of oil to increase to 98.3 million barrels per day in 2015 and 118 million barrels per day in 2030. This would require a more than 35% increase in world oil production by 2030. North Dakota and Montana have an estimated 3.0 to 4.3 billion barrels of undiscovered, technically recoverable oil, according to a report from the U.S. Geological Survey.
Dan Bauer, President and CEO of Western Standard Energy stated, “With this recent acquisition Western Standard now has 18 identified and high-graded Lodgepole Reef prospects in its portfolio of exploration assets. This demonstrates our continued commitment to exploration in North Dakota and in Montana.”
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