Scottsdale, Arizona 7/23/2008 11:47:42 PM
News / Finance

QualityStocks News – Western Standard Energy Corp. (WSEG.OB) Forms Partnerships to Bank on Promising Bakken Formation

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We would like to highlight Western Standard Energy Corp. (OTCBB: WSEG). The company is an independent oil and gas exploration company, traded on the OTC BB under the ticker symbol WSEG. Western Standard has a portfolio of oil and gas exploration properties throughout Montana and North Dakota. The Company has a 50% stake in Starbuck East prospect, a 42,000-acre shallow gas assembly in Valley County, Montana. The Company also has as a 100% working interest in 7 Lodgepole Reef prospects in Stark and Slope counties, in North Dakota.

 

In the company’s news yesterday,

 

Western Standard Energy Corp. announced it intends to engage in a drilling partnership with Oil for America LLC (OFA) to fund operations for one Lodgepole well and a second Lodgepole-Bakken well, both in North Dakota.

 

The company also announced it will form a new, wholly-owned subsidiary, receiving an overriding 3 percent royalty for the lease assignments. As part of the partnership, Western Standard will invest half of the “partnership” units for $3.2 million, alongside third-party interests, for an aggregate investment of $6.4 million.

 

According to OFA, the Lodgepole Reef play was established in 1993 when ConocoPhillips experienced an initial production rate of around 400 barrels of oil per day. For Western Standard, drilling operations of the Lodgepole target are expected to cost $1.6 million. Per the partnership, operations for the Bakken will incur an additional $3.2 million, for an aggregate of $4.8 million for one Lodegepole-Bakken well.

 

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