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 With the same spirit of exploration that led Southwestern Energy to the discovery of the Fayetteville Shale in Arkansas, the company’s team of experienced professionals recognized the promising prospects held within the resource-rich province of New Brunswick.
In March 2010, the company announced that the Department of Natural Resources of the Province of New Brunswick, Canada accepted its bids for exclusive licenses to search and conduct an exploration program covering 2,518,518 net acres in the province in order to test new hydrocarbon basins. As a result, Southwestern is required to make investments of approximately CAD $47 million in the province over the next three years. The three-year exploration program represents the company’s first venture outside of the United States. In January 2011, the company received initial information from a geochemical survey it had conducted during 2010. Nearly 2,000 samples were taken in more than 35 traverses. All of the traverses had signatures indicating some combination of oil and gas source rocks.
In 2010, Southwestern invested approximately $10.7 million in New Brunswick, Canada.
At September 30, 2011, Southwestern held 2,518,518 net undeveloped acres which were located in New Brunswick, Canada. In New Brunswick, the company has completed the second phase of surface geochemical sampling and the acquisition phase of approximately 250 miles of 2-D data. Interpretation of both sets of data is underway.
For more information, please visit our New Brunswick website at www.swnnb.ca
Last Updated on 10/31/2011
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