In this case we're talking about gas well plays.
A consortium of oil and gas players are spending close to $18.5 million on a wildcat play in the Tulita area.
The consortium consists of Northrock Resources Ltd., Husky Oil Operations Ltd., EOG Resources Canada Inc., International Frontier Resources Corp., Anadarko Canada Corporation and Pacific Rodera Inc.
The wildcat play is located "a little south and west, approximately 80 km west of the Mackenzie River sitting right in front of the Mackenzie Mountains," Northrock spokesman Art Stirrett said.
The play, called Wilma Summitt Creek B-44, was selected on the basis of a $6-million seismic program. Stirrett would not disclose the locations of the Betty, Dino and Fred plays.
Gross reserves for this prospect are hoped to be in excess of 135 million barrels of oil equivalent, states a release issued by International Frontier Resources Corp.
"(Drilling) is going fine. I can't give too much details, it's a confidential tight hole with drilling ahead targeted to 3,035 metres," said Stirrett.
However, a Feb. 19 report to shareholders issued by International Frontier Resources Corp. stated deviation drilling problems caused drilling delays. The well is expected to be complete to target depth by mid-March.
This play may be impacted by the Feb. 7 announcement from the minister of Indian Affairs and Northern Development. Andy Mitchell issued a call for bids for Crown lands in the Northwest Territories.
Five parcels covering 825,000 acres are located in the Central Mackenzie Valley area and one parcel is within the Mackenzie Delta area. The sale is scheduled for July 7, 2004.
Four wells are currently being drilled in the Central Mackenzie Valley area and drilling results will probably not be released until after the July 7 sale.
The four wells being drilled include an Encana play east of Wilma Summitt Creek B-44 and another two wells being drilled by Apache and Paramount 160 kilometres north of Norman Wells.