Hyperion Exploration Corp. (TSXV:HYX) has acquired a Cardium light oil prospective acreage position in the Niton/McLeod area of west central Alberta through multiple public and private undeveloped land acquisitions and a farm-in transaction.
As quoted in the press release:
Combined with Hyperion’s acquisition of the Niton property in November 2010, the new undeveloped land acquisition and farm-in announced herein provides for a combined total of 35,680 gross (32,515 net) acres of Cardium rights in the Niton/ McLeod area, with an average working interest of approximately 90%. TPIIP effective as of August 15, 2012, is internally estimated to be up to 171 MMbbls of light oil and a primary recovery factor of 12.5%. The new undeveloped acreage and farm-in is expected to add up to 177 gross (158 net) Cardium light oil wells to Hyperion’s corporate drilling inventory. This brings Hyperion’s total inventory of potential wells to 215 gross (196 net) Cardium light oil horizontal drilling locations. This represents an increase of over 415%. Estimates of TPIIP, recoverable reserves, and drilling locations are based on management’s current geological and economic models, and future drilling success. These estimates are subject to change with varying economic conditions and actual drilling results.