CALGARY, April 7, 2014 /CNW/ – Seven Generations Energy Ltd. (“7G” or the “Company”) is pleased to announce that since the beginning of 2014, it has, through several separate purchase and swap transactions, increased its Montney land holdings by a net 118 sections. The net cost to 7G for these transactions was approximately $29.5 million cash and other consideration. The acquisitions also include a road accessing 7G’s core lands between the Kakwa and Smoky Rivers.
7G’s net land holdings (all in the Kakwa River Project area) are now approximately 547 sections, including 516 sections (approximate) of petroleum and natural gas rights in the Montney formation, a net increase of 29% since the beginning of 2014. Most of the newly acquired land is proximal to the Company’s existing acreage.
By 7G’s management’s estimate, the Company now has 50% confidence in ultimately being able to recover 25 or more trillion cubic feet of marketable gas and more than 2.6 billion barrels of liquids from the Kakwa River Project. 7G’s CEO, Pat Carlson, said, “In today’s over-supplied gas market, having transportation and marketing options is an important risk mitigation. The increased resource potential represented by the new lands enables the Company to consider whatever additional infrastructure investments might be required to ensure market access.”
Seven Generations Energy Ltd. is a private oil and gas developer with its corporate headquarters in Calgary, Alberta and its operations headquarters in Grande Prairie, Alberta. 7G is engaged in the delineation and development of its Kakwa River Project, a multi-zone, tight, rich gas project in the Alberta Deep Basin, approximately 100km south of Grande Prairie.
SOURCE Seven Generations Energy Ltd.
For further information: For more information please call: Pat Carlson, CEO, 403-718-0700