Petrobakken discontinues evaluation program in Princeton

Six years since its first test well was drilled, PetroBakken Energy, a Petrobank company, is concluding its coalbed gas evaluation program in the Princeton area. A comprehensive evaluation of the results of that first well plus an analysis of existing production technologies showed that the appropriate technology does not yet exist to commercially produce natural gas from this reservoir.

  • Jul. 13, 2011 6:00 p.m.

Six years since its first test well was drilled, PetroBakken Energy, a Petrobank company, is concluding its coalbed gas evaluation program in the Princeton area. A comprehensive evaluation of the results of that first well plus an analysis of existing production technologies showed that the appropriate technology does not yet exist to commercially produce natural gas from this reservoir.

“It’s disappointing that we will not be continuing our evaluation program,” said Gregg Smith, Chief Operating Officer of PetroBakken. “But, the facts are the facts: it’s a good business decision to stop the program if the technology just isn’t there yet to make it commercial.”

“Of course, it’s even more disappointing knowing that many people in the community support clean-burning natural gas production and see the economic value that a commercial program would bring to the area,” he added.

PetroBakken commissioned in 2010 a study conducted by NRG Research Group which polled 300 residents in and around the Princeton area.

Some of the findings include that:

· 97 per cent recognize the importance of energy in their life

· 86 per cent believe that natural gas is an important source of energy

· 74 per cent believe that natural gas is a clean source of energy

· 72 per cent feel energy development will contribute to the local economy

· 70 per cent understand that oil and gas companies are searching for new sources of energy due to increased demand for energy

· 57 per cent approve of energy development in the region

The research was conducted in May and is accurate within ±5.45%, 19 times out of 20.

Coalbed gas is just one form of natural gas that is abundant in British Columbia. PetroBakken will continue to operate elsewhere in the province where the company is bringing the latest technologies to natural gas production to produce more energy for people while limiting environmental footprint.

 

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