CALGARY, March 11, 2015 /CNW/ – Over the last six months the company has had the following progress or refinement in its three main areas
- SPIRIT RIVER: On the company’s one section crown lease in the Charlie Lake oilfield in northwestern Alberta, the first horizontal well that was drilled one year ago at no cost to Softrock was “fraced” this past season in 20 places in the Charlie Lake pay zone and is now preparing to be put on production from which Softrock is to receive a two and one-half percent Gross Overriding Royalty interest with no deductions for treatment. The Crown has etablished a spacing pattern of eight wells per section which is also encouraging for the future.
- FERRIER Softrock now holds a 45 % working interest in a shut in Cardium oilwell subject to its share of a 3% GORR. Softrock cut back its interest from 90% for a cash payment. The lease is a 160 acre Crown parcel on which some legal work remains to clear title.
- POTASH Softrock still holds 100% working interest in approximately 40,000 ac of Crown prospecting Permits in Alberta which has finally had some interest expressed by some companies because of the rising markets for potash
SOURCE Softrock Minerals Ltd.