GREAT FALLS, Mont.--(BUSINESS WIRE)--Eco-Trade Corp. (OTCQB BOPT), an independent oil and gas exploration Company, announced today that it has signed a definitive agreement to acquire the South Bakken Prospect in Montana.
Eco-Trade Corporation has, through this acquisition, the rights to the exploration, drilling and production on a property in Lewis & Clark County in Montana, near Great Falls totaling over 5,800 acres called the South Bakken Prospect. The property is located in the southern part of the Alberta Bakken Fairway, and may hold an estimated reserve potential of between 80 to 120 millions of barrels of oil recoverable according to a report prepared by BakkenQuest LLC.
The advent of the Alberta Bakken Fairway creates another opportunity for Bakken production outside of the boundaries of the Williston Basin. The Bakken Fairway was first discovered and drilled in Alberta, Canada, but now extends deep into northwest Montana into Lewis & Clark County where it is bordered by the Rocky Mountain Thrust Zone on the west and the Sweetgrass Arch to the west.
Other companies in the general vicinity include Primary Petroleum, Rosetta Resources Inc., Newfield Exploration Company, Stone Energy, Anschutz Exploration Corp., Quicksilver Resources Inc., Fairways Offshore Exploration Inc., Arkanova Energy Corp., FX Energy, Inc. and American Eagle Energy Inc.
According to BMO capital Markets, “While the play is still emerging, the Alberta Bakken appears to be developing into a potential new unconventional tight oil resource play.”
The Company believes that it has positioned itself in the middle of a major new oil play in Continental America, and is looking forward to developing its assets further.
Eco-Trade is fully-reporting, independent oil and gas exploration company, that has exploration, drilling and production rights on a property in Lewis & Clark County in Montana, near Great Falls totaling over 5,800 acres called the South Bakken Prospect. Please visit www.ecotradecorporation.com
The information in this release includes forward-looking statements. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this release. You should carefully review the information disclosed within the section entitled "Risk Factors" contained in the Company's Report on Form 10Q filed on November 13 2012, as well as the information contained in this release, and amended risk factors to investment that may be found at http://www.ecotradecorporation.com/contact/safe_harbor.html when assessing the Company and its business. The Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms, such as prospective resource or Original Oil in Place (OOIP) or Petroleum Initially In Place (PIIP), or Estimated Reserve Potential (ERP), Estimated Ultimate Recovery (EUR) that the SEC's guidelines strictly prohibit us from including in filings with the SEC. Additional information may be found at the following web site: