Chauvin South East Central Area, Alberta
Pennine is the operator and 47 % working interest owner of two heavy oil wells on this 160 acre property, located approximately 240 kilometers southeast of Edmonton, Alberta.
On April 21, 2014, Pennine closed an asset purchase and sale agreement for the acquisition of 10 contiguous sections of petroleum and natural gas rights (6,400 acres) in the Youngstown area of Alberta. The property contains two producing natural gas wells and five shut-in natural gas wells in the Youngstown area of east central Alberta. The principal producing zones are the Belly River, Milk River and Mannville formations. The Company intends to focus on the recompletion of wells in the Belly River and Milk River formations and further develop the property.
RED DEER, ALBERTA
Effective June 01, 2015, Pennine acquired the Petroleum and Natural Gas mineral rights to three sections of land west of Red Deer Alberta. The acquisition includes two producing Viking natural gas wells that can be stimulated to potentially increase production to 25 BOED net to Pennine.