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Abstract
PetroShale Inc. (TSX VENTURE:PSH) was formed in March 2012 under a plan of arrangement combining Mondak Petroleum Inc. and Algonquin Oil and Gas Limited. PetroShale partners with Slawson Exploration in the Williston Bakken. Slawson Exploration is the 6th largest oil producer in the Williston Bakken and the 7th largest private oil producer in America. Slawson Exploration has been operating in the Williston Basin for more than 35 years and it is known for its technical innovation and efficient operations. PetroShale's non-operating model and low overhead allows for extremely efficient conversion of Slawson Exploration operations into both reserve and EBITA growth.
"Slawson has been the only [Bakken] operator with experience drilling the Upper Bakken Shale," says John Fair, CEO of PetroShale (US) Inc. "Slawson drilled 22 horizontal wells in the Billings Nose in the late 1980s and early 1990s. Then they drilled five un-stimulated wells adjacent to Mondak from 1994 to 2007, which had modest IPs but averaged 730,000 EURs, with at least two of those wells expected to exceed one million barrels. These new test wells in Mondak prove that the play is continuous. Now we are experimenting with completion techniques to increase the early stage deliverability."