Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/blackdog-resources-increases-working-interest-in-i.shtmlBlackdog Resources increases working interest in its Leduc light oil well
Blackdog Resources Ltd. has increased its working interest (W.I.) in the
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Blackdog Resources Ltd. has increased its working interest (W.I.) in the Company's Leduc light oil well near Sylvan Lake, Alberta from 15% to 100%. Blackdog acquired the remaining 85% W.I. from three separate parties for total consideration of $20,000 cash and the grant of a gross overriding royalty ("GORR") of 5.8% on light oil and liquids and a sliding scale GORR on natural gas (equal to 1.75% when the price is under $4.00 per mcf or 5.8% when the price is over $4.00 per mcf). The Company now holds a 100% W.I. in the section of land on which the well is situated, subject to the GORR.
The Leduc light oil well was originally spudded in August, 2011 and was drilled vertically to a depth of approximately 2850m. The well was then cased and acid stimulated in October, 2011. After a successful short test period, a 4km pipeline was built to handle all oil, gas, natural gas liquids and water.
