X-Change Corporation to acquire up to 10,000 net acres within the Williston Basin of North Dakota and Montana
Monday, April 23, 2012
- The company plans to drill 10-20 additional wells.
X-Change Corporation (OTCQB: XCHC) (PINKSHEETS: XCHC) announced through its subsidiary Cress Oil, Inc., an independent exploration and production company based in Houston, Texas, that it will acquire leasehold interests located within the Williston Basin of North Dakotas and Montana.
Cress Oil will buy current net production and capitalize on existing assets from owner. Expectations for recoverable oil within the leasehold have resource targets of more than 900 million barrels of oil equivalent. The company plans to drill 10-20 additional wells.
With an estimated 24 billion barrels of oil within the Williston Basin, the Bakken has been the nation's largest oil discovery in more than 40 years. When the Bakken Formation was first assessed by the USGS for recoverable reserves, it turned out to be only a fraction of what the USGS and industry have actually discovered today. There continues to be acreage of recoverable oil throughout eastern Montana within the Bakken and Williston Basin.
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