Western Standard Energy Corp. (OTCBB: WSEG) today announced the signing of a Memorandum of Intent to acquire the Rocheford 27-1 Lodgepole Reef Prospect in Stark County, N.D. The oil and gas exploration company recruited independent, third-party geologist Jamil Azad to provide an estimate on the potential of the lease.
It was Azad’s opinion that the geochemically high-graded Rocheford 27-1 prospect has the potential to produce commercial quantities of oil. Additionally, according to the United States Geological Survey (USGS), North Dakota and Montana have approximately 3 to 4.3 billion barrels of undiscovered, “technically recoverable” oil in the Bakken Formation.
“We are pleased to have gained another opportunity to expand our operations in the Bakken Formation,” Dan Bauer, president and CEO of Western Standard Energy stated in the press release. “Coupling the geological report and that from the USGS, we believe this prospect can be an integral part of our expansion and development within the region. We will continue to seek out new opportunities to broaden our interests in this area as we believe it is key to our growing value.”
This prospect would mark the company’s seventh Lodgepole Reef property located in North Dakota’s prolific Bakken Formation, and the third area that Western Standard maintains in the Bakken Formation. The company’s Starbuck East and State Lease Prospects in Montana are also located on the Bakken Formation.
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