Pacrim has finalised an oil and gas acquisition agreement covering blocks in the Northern Sacramento Basin with the Nahabedian Exploration Group. Under this deal, 55 million shares will be issued to vendor parties.
With the assistance of the Nahabedian Exploration Group, Pacrim has now secured suitable drilling and work-over rigs for both the first and second phase of the 2005-2006 exploration program.
The initial three-well program is to start in September and finish this drilling season. It will be followed by a 10 to 12 well schedule beginning in April 2006.
This strategy allows for extra wells to be drilled at the McClure Ranch and Plymire Road Prospect upon gas discovery.
Pacrim has estimated Plymire Road reserves at 100 billion cubic feet, McClure Ranch at 75bcf and Home Ranch at 50bcf.
Nahabedian has a track record of working with Australian companies in California. It operates projects in partnership with Nuenco and Orchard Petroleum.
