Deep Well Oil & Gas, Inc. – OTCQB: DWOG
Yesterday the Company put out the following press release:
Alberta Energy Regulator Approves Application for HCSS Demonstration Project on Deep Well’s Lands
Here are the key details from that release:
Deep Well Oil & Gas, Inc. (and its subsidiaries Northern Alberta Oil Ltd. and Deep Well Oil & Gas, Inc. – “Deep Well” or “Company”) (DWOG) is pleased to announce that the Alberta Energy Regulator (“AER”, formerly known as the Energy Resources Conservation Board or ERCB) has approved an application previously submitted by the Company to the AER for development using Horizontal Cyclical Steam Stimulation (“HCSS”), planned for the thermal recovery project on one half section of land located at section 10-92-13W5 near Sawn Lake, Alberta. This approval is related to lands presently owned 90% by Deep Well. MP West Canada SAS, a wholly owned subsidiary of Saint-Aubin Energy (owned 1/3 by Maurel et Prom and 2/3 by MPI, two listed companies based in Paris, France), in addition to the previously announced SAGD project, has the option to participate for up to a 45% working interest in this HCSS project by committing an additional US$110,000,000 of funding.
UP NEXT: THIS ENERGY STOCK HAS TRIPLED IN RECENT DAYS… SEE WHY