Raging River Exploration Inc. has acquired over the last year about 100,000 net acres of land prospective for light oil in the Duvernay shale basin in central Alberta.
Although the play remains in its infancy, Raging River said the characteristics exhibited by it including relatively shallow depth, contiguous net pay, large estimates of total petroleum initially-in-place, light oil phase, and the expected ability for productivity and recovery improvements through technology are consistent with the company’s strategy for creating per share value.
Raging River expects to drill its first evaluation well into this play in the fourth quarter of this year with up to six additional evaluation wells drilled in 2018.
Also today, Raging River announced engineer Neil Roszell, previously president and chief executive officer, will now serve as chief executive officer and executive chairman. Bruce Beynon, a geologist who was previously executive vice-president, has been appointed president.