Canadian minnow takes bold steps

Gary Park

Petroleum News Calgary correspondent

Endless Energy has boundless optimism, gaining shareholder approval June 28 to raise C$30 million and spend it all on an East Coast offshore well.

In the process, the company will change its name to Marauder Resources East Coast and take a 50 percent interest in the Wolfville N-32 well, scheduled for spudding in the Balmoral block in the first half of 2005.

Endless President Jon Axford boldly told his annual meeting of shareholders that it “seems we’re a slam dunk for 200 billion cubic feet.” EnCana is the block’s operator and 50 percent owner.

The acreage was picked up from Nova Scotia Resources, a Nova Scotia government corporation whose assets were sold to various buyers.

The Balmoral block is part of the Deep Panuke natural gas field, owned by EnCana, which suspended development plans last year while it explored more favorable economic options, including a possible tie in to the existing Sable gas field.