Rosenthal is a well networked US-based geologist who was influential in guiding Novus and Santos into Texas some years ago and more recently, Orchard Petroleum, Nuenco and now Pacrim into Nahabedian Energy Group-controlled acreage throughout California.
Pacrim said it would be acquiring a 100% (75% after royalties) of the Nahabedian Energy Group’s assets and intellectual property in the Tehama County oil and gas project (TED) in the Northern Sacramento Basin, California.
The project consists of a large acreage position of approximately 20,000 acres of leases and has a host of prospects ready for drilling, with multiple objectives in each well.
It said it would be offering 55 million shares for the deal.
Managing director Rodney Foster told EnergyReview.net this was the first serious move the company had made in the oilpatch for many years.
“The area has a host of exploration targets that range from 5 billion cubic feet (Bcf) to in excess of 1 trillion cubic feet (Tcf) in an area that has proven gas potential,” said a company statement.
A four wells drilling program is planned for August this year. “These wells are offset by discoveries and some could be deemed as appraisal wells. There are also two large prospects, with around 1 Tcf potential which will be drilled in the future.”
He said the market movement of the Pacrim shares could probably be attributed to the US news, saying people had been aware Pacrim had been negotiating in the US in recent times.
“To secure an exciting exploration opportunity that is ready for drilling under favourable terms, in today’s energy price environment, represents a significant achievement for Pacrim. Pacrim’s 100% working interest gives the company control over the project area as well as operational flexibility.
