DEEP Earth Energy Production Corp announces MOU on exploring oil-well data for geothermal development
Canadian developer DEEP Earth Energy Production Corp announces MOU with PetroBakken Energy for exclusive right to explore geothermal opportunities on oil and natural gas leases of Petrobakken in Saskatchewan, Canada.
In a release by Canadian developer DEEP Earth Energy Production Corp. (DEEP), the company announces “it has entered into a memorandum of understanding with PetroBakken Energy Ltd. for exclusive rights to explore deep (i.e. Winnipeg and Deadwood Formations) non oil-bearing hot brine aquifers in southeast Saskatchewan for potential geothermal resource development. PetroBakken is one of the largest Petroleum and Natural Gas lease holders in the area and furthermore controls certain land for which DEEP has identified potential geothermal prospects (i.e. drill holes with bottom- hole temperature data that suggest the presence of hot (100 degree C) brine). One potential location available to DEEP for geothermal development is adjacent to a well with a bottom-hole temperature measured at 127 degrees Celsius from drillstem test data.
DEEP plans to work with PetroBakken to determine optimum locations for drilling successful geothermal wells, utilizing PetroBakken’s proprietary drill hole data, seismic and geological expertise in the area.
The MOU provides that any geothermal exploratory drill hole data for wells drilled on PetroBakken’s land by DEEP will be available to PetroBakken for its use in developing oil prospects, such data to include cores, wireline logs, drillstem tests or swab testing. Specific tests for oil and gas evaluation will be paid for by PetroBakken at their full cost. The geothermal wells drilled by DEEP will be owned by DEEP for conversion to geothermal power production. The location and drilling of wells is subject to the entering into of further definitive agreements between DEEP and PetroBakken.
In addition to DEEP’s original 9 sections of land, obtained through the Government of Saskatchewan’s Lease of Space Agreement, the MOU with PetroBakken gives DEEP the potential to access a very substantial land position and further geothermal prospects in southeast Saskatchewan.”
Source: Company release by email