51.5c, up nearly 15%
Quite impressive on a down day.
Not much for sale.
Good to see some action in this stock.
Phoenix Prospect
The Phoenix Prospect is located in the centre of the Williston Basin in McKenzie County, North
Dakota, USA. At the time of its acquisition, the Phoenix Prospect was approximately 12,000 acres.
Today it is comprised of approximately 15,000 acres with an additional 5,700 acres pending
governmental approval.
The northwest corner of the prospect is located immediately southeast of the Blue Buttes Unit, a
Mission Canyon producing field, operated by Hess Corporation. This prospect's primary target
formation is the oil-bearing Bakken Shale; secondary target horizons include the oil-bearing Mission
Canyon, Nisku, Duperow and Red River formations. Since the acquisition of the Phoenix Prospect in
early 2007, the area surrounding it has seen increased exploration activity in the Bakken formation by
operators such as Continental Resources, Conoco Phillips, Headington Oil and Gas, Hess Corporation
and Helis. The preliminary results from these wells have been very encouraging with initial production
levels at or above accepted type curve for the prospect area.
Helis has already drilled and completed the Levang 3-22H, a horizontal Bakken well in which
Sundance has a working interest of approximately 3.28% (see the Company's web site and recent
Annual and Quarterly Activities Reports). The Levang well is sited adjacent to sections in which
Sundance is the primary mineral rights owner (which sections are included in the agreement), and
included a core of the Bakken shale as well as an extensive suite of logs. The important science
produced from this well will support the Company's ongoing geological and geophysical studies in
and around this prospect area, and will help it and Helis to evaluate future drill sites and design
appropriate drilling and completion techniques to maximize well performance in the prospect area.
Additionally, Helis has also drilled, and is in the process of completing, the Linseth 4-8H well, another
horizontal Bakken well in which Sundance does not own an interest.
The agreement was executed on 13, December.