The Gilby Property is located in Sonoka Alberta along the Western Canada Sedimentary Basin.
Deep play developing below Banff Formation possibly Duvernay Formation, recent crown land price approximately one million dollars per section.
The Company retains deep rights in the area through production.
The Company’s Gilby property in Alberta, which produces natural gas from the multi-zone gas discovery in the 11-35-39-28 W4M well, reached payout and the Company converted its overriding royalty to a 16 2/3 percent working interest after payout.
In 2008, the Company completed a new well on the property. The Company retains a 16 2/3 percent working interest in the new location LSD1-35-39-28 W4M.
The well at Gilby also contains potential Colony and Glauconitic gas zones which are being assessed for dual completion.