Husky joins NWT drilling program

Gary Park

Petroleum News Calgary correspondent

Husky has signed a farm-in agreement with four other companies to drill an C$18 million well in the Central Mackenzie Valley of the Northwest Territories.

The operator of the Wilma Summit Creek B-44 well is Northrock Resources (a wholly owned unit of Unocal Oil), with EOG Resources Canada, Pacific Rodera and International Frontier Resources as the other partners along with Husky.

Road and lease construction is taking place and the well is expected to spud around mid-January, targeting a depth of about 9,800 feet and three potential hydrocarbon-bearing zones.In October, construction equipment, drilling supplies and 360,000 liters of fuel were barged up the Mackenzie River.

International Frontier, with a 5 percent interest in the lands, separately announced it will make a private placement of 600,000 common flow-through shares at a price of 60 cents each to accredited investors and directors of the company.

The proceeds will be used to incur Canadian exploration expenditures on the company’s Northwest Territories exploration program.