First Mountain Exploration Ltd., Calgary, said it is acquiring surface leases and licensing two horizontal Glauconite wells in the Atlee Buffalo area of Alberta.
The first well is expected to spud around Dec. 1. First Mountain has an 85% working interest in the property and has identified 7-10 horizontal development drilling locations.
The company closed a nonbrokered private placement issuing 12.4 million shares for gross proceeds of $1.1 million that is to be used in drilling and development of the Atlee Buffalo properties.
Meanwhile, First Mountain appointed Bill Slipp as president. Slipp is a landman with more than 35 years of experience in the oil and gas industry. In accepting the presidency, Slipp resigned as vice-president, business development and land.
William Ambrose will remain influential full time in the company’s direction and day-to-day operations as chief executive officer and chairman.