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Nextraction Energy and Magnum amend joint venture deal for Viking oil property

Nextraction Energy Corp. (TSXV: NE) is a publicly-traded Canadian junior oil and gas company operating in the Pinedale Anticline, Wyoming, the multi-zone/Bakken in Montana, the Viking Provost Field in Alberta, Canada and the Appalachian Basin in Kentucky and Tennessee. The company is focused on targeting known reserves with lower-risk, high return development opportunities in unconventional resource projects.

Nextraction Energy Corp. ( CVE:NE ) said Monday that it has amended its joint venture agreement with oil and gas company Magnum Energy (CVE:MEN) relating to their Viking oil property, in eastern Alberta.

The property, situated in the Provost Field, is known for its prolific Viking A formation whereby vertical wells have produced up to 300,000 barrels of oil each.

According to the initial joint venture deal, Nextraction was supposed to cover the costs to drill, complete and tie in two horizontal wells to earn a 50 percent working interest in each well and future development.

Under the amended deal, Nextraction immediately becomes vested in the property, decreasing the earn-in provision of the agreement from two horizontal wells to one well.

In exchange for the reduction in the required number of drilled wells under the joint venture deal, Nextraction has agreed that the $1.19 million remaining loan Magnum owed the company has now been repaid in full as of October 1.

Nextraction said that reducing the earn-in commitment allows the company to drill two wells – at 50 percent working interest – rather than one well for the same capital outlay, thereby increasing the production, reserves and value of the expenditure for Nextraction’s shareholders.

On October 6, Nextraction finished its first horizontal Provost Viking well. For the first five days of testing, the 1,200 metre horizontal leg, which had been fractured in 13-stages, flowed at 177 barrels of oil equivalent per day. Average flow rates were comprised of 109 barrels of oil and 410 million cubic feet per day of natural gas, with a 75 percent watercut, the Canadian junior oil and gas company said.

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