Newfoundland: Shoal Point to acquire License 1079R
Shoal Point Energy Ltd. will gradually acquire 100% working interest from NWest Energy Corp. in 500,000 acres in Exploration License 1079R offshore western Newfoundland.
The NWest-Shoal Point transaction provides NWest shareholders with ongoing exposure to the offshore Green Point tight oil play in western Newfoundland both on EL 1079R and, by virtue of its equity ownership in Shoal Point, on the other projects being operated by Shoal Point in western Newfoundland.
Vulcan Minerals Inc. owns 19.1% of NWest common shares.
Alan Petzet | Chief Editor Exploration
Alan Petzet is Chief Editor-Exploration of Oil & Gas Journal in Houston. He is editor of the Weekly E&D Newsletter, emailed to OGJ subscribers, and a regular contributor to the OGJ Online subscriber website.
Petzet joined OGJ in 1981 after 13 years in the Tulsa World business-oil department. He was named OGJ Exploration Editor in 1990. A native of Tulsa, he has a BA in journalism from the University of Tulsa.
