Fall River farms-in to Canadian project

UNITED States focused explorer Fall River Resources has acquired a stake in 320 acres with oil targets in the South Queensdale area of Saskatchewan, Canada.
Fall River farms-in to Canadian project Fall River farms-in to Canadian project Fall River farms-in to Canadian project Fall River farms-in to Canadian project Fall River farms-in to Canadian project

The Melbourne-based company said this prospect was on the south side of the Queensdale field, which has produced over 50 million barrels from the Mississippian age Alida Formation and the associated Kisby Sandstone Member.

The South Queensdale prospect has been estimated by the operator, Texalta Petroleum, as containing up to 1 million barrels of oil in the Kisby Sand target.

“The focus of Fall River is to quickly build production and cash flow producing assets,” Fall River’s president Ian McBain said.

“The acquisition of participation interests in the South Queensdale property provides further resource portfolio diversity and provides a property where the initial work program is being immediately commenced.”

Fall River has acquired a 25% working interest before payout and a 15% working interest after payout subject to Crown royalties, and 5% gross overriding royalty which will terminate at payout.

In return, Fall River will pay 25% of the estimated costs to drill and case the test well, being CAD$112,500, ($A130,000) but does not include the costs to complete, equip and test the well.

The targets are the Mississipian age Kisby & Lodgepole Formations, both of which are producing reservoirs in Southeast Saskatchewan.

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