Impact Shale Gas
Park Place Corp. PKPL:OTC.BB) is a North American oil and gas exploration company that is focused on high impact shale gas opportunities. The Company has assets in North Western Alberta that it is committed to developing. As well Park Place is committed to the acquisition of additional international blue-sky shale gas opportunities. Park Place’s management is focused on optimizing profitability and enhancing shareholder value.
Park Place’s Vision is to become a recognized high impact energy play producer. To achieve this vision, Park Place has the following core objectives:
- Identify international shale gas opportunities
- Acquire blue-sky opportunities through either joint venture or landsale auctions
- Build on cash-flow
- Increase market awareness
- Build market capitalization
- Enhance shareholder value
Park Place’s current projects include:
The corporation has interests to two leases comprising seven sections of land in the Peace River Alberta Oil Sands region. A seismic and test well program is planned for the this property.
High Impact Drilling Project – Morgan County,Tennessee
Park Place Energy is involved in a high impact drilling project in Morgan County, Tennessee where only a limited number of deep tests have been drilled. Most of these deep tests were conducted in the late 1960′s through the early 1980′s. After conducting extensive due diligence, the Operator of the Project, Montello Resources Ltd. (TSX Venture Exchange “MEO”) was able to secure mineral rights in the immediate vicinity to the Howard White # 1 Well which was drilled in 2002. It is important to note that while the Howard White # 1 Well was drilling a blowout occurred that resulted in the well flowing over 500 barrels / hour of light crude oil (12,000 barrels of oil per day “bopd”) for two days before being capped. To date environmental and legal issues relating to the blowout have precluded the re-drilling of the Howard White # 1 Well. A third party oil company did, however, manage to license, drill and complete the John Bowen # 1 Well which produced high volumes of oil for a short period of time, before becoming mired in legal issues. In late 2007, Park Place Energy Corp. acquired from a third party a 5% participating interest in the John Bowen # 2 Well along with the right to participate with Montello in new wells in Morgan County, as to a 5% working interest.
John Bowen #2 Well
After reviewing the available information relating to the John Bowen # 1 Well Montello resolved the legal issues and managed to secure a number of key mineral leases. Montello then commenced to drill to the basement the John Bowen # 2 Test Well which proved to be one of the most challenging wells ever to be drilled in the State of Tennessee. Although the John Bowen # 2 Well has now been drilled and cased to 9,557 feet it has yet to be logged and fully evaluated. Notwithstanding this, Montello was able to garner enough information from the John Bowen # 2 Well to proceed with the drilling of the Morgan Highpoint # 3 & # 4 Test Wells.
Morgan Highpoint # 3 & # 4 Test Wells
When presented with the opportunity to participate in the Morgan Highpoint # 3 & # 4 Test Wells Park Place elected to participate as to its 5% participating interest. The Morgan Highpoint # 3 Test Well spud on March 4th, 2008 and on March 10th Park Place announced by way of a Press Release that as a precautionary measure, after encountering hydrocarbons, the well was secured and suspended until additional safety and under balanced equipment could be brought in to safely carry on operations. Montello then moved the drilling rig to the Morgan Highpoint # 4 Test Well location and spud the well on March 10th.
Key Points about Morgan County Tennessee
- This is an area where in 2002 there was a blowout estimated at ~ 12,000 bopd of 38.1 API oil.
- In late 2003 the John Bowen # 1 was drilled into the upper fractures that produced oil from 2,400 ft at 800 bopd.
- State Geologists at a the Operator’s Technical Presentation in early May, 2007 which was attended by 15 representatives from 8 regulatory agencies in Knoxville, informed Montello that Morgan County has had more occurrences of over-pressure incidents than anywhere else in the State of Tennessee.
- The Operator will be testing and evaluating the tests wells as they are drilled under-balanced.
- The Operator will conduct all operations in such a way as to insure the safety of all stakeholders.
For more information, visit: http://parkplaceenergy.com/