Petsec Energy acquires interest in Alberta Shale oil project

Petsec Energy has signed an agreement to acquire 24.5% WI in Alberta Shale oil leases covering 17,280 acres. Petsec will have to pay 35% of the costs to drill one initial commitment well and 35% of the costs of drilling up to 3 optional wells. The initial commitment well is expected to spud before the end of Feb-2012. Continue reading here..