Grand Banks Energy, GBE.v
Posted: Tuesday Jan 1 11:53:55PM 2008
GBE.v is pursuing light oil in Sasketchewan. Their target is the Torquay formation, which is under the hot Bakken formation in Sasketchewan. Light oil and much better economics for GBE.v than pursuing ngas. I think GBE.v could end up in the spotlight if Petrobank continues experimenting with their Torquay holdings. I expect them to try the same horizontal and fracing techniques that they are using on the Bakken with the Torquay formation. Here is a page from the Petrobank website: Bobwins Torquay Land Base: 93,000 acres (87,000 net) Working Interest: 94 percent Petrobank is evaluating the potential of the Torquay formation, another siltstone play similar to the Bakken, however, it is found in deeper Devonian-aged rocks. To date, Petrobank has tested the play with 10 vertical wells (100 percent working interest), which yielded high initial rates of production but with steep declines. reservoir parameters suggest large amounts of original oil-in-place and we are currently evaluating optimal drilling and completion techniques to obtain maximum recovery rates. Further evaluation is likely to be undertaken with horizontal wells, however, with Petrobankís ongoing success in the Bakken play, that will remain the business unitís main focus of activity in 2007.