Kabe Exploration Inc. announces a LOI for the acquisition of Kansas Mississippian Lime acreage for oil development
Wednesday, Nov 14, 2012
Kabe Exploration Inc. (KABX: OTC BB) today announced a “Letter of Intent” (LOI) for the acquisition of 1,500 +/- gross acres with planned expansion of up to 15,000 additional acres for Horizontal Mississippian Lime Oil Development in Cowley County, Kansas. This acquisition is the first phase of capitalization for Kabe in a proposed development of up to 50 horizontal oil wells in the Mississippian Lime Oil Development.
“Kabe’s field acquisitions were selected due to the tremendous potential of developing substantial oil and natural gas reserves in a regional area which rivals any of the US oil Shale Plays”
“Kabe’s field acquisitions were selected due to the tremendous potential of developing substantial oil and natural gas reserves in a regional area which rivals any of the US oil Shale Plays,” said Erik Ulsteen, CEO of Kabe. Leasing and drilling activity from major companies has intensified throughout rapidly developing Mississippian Lime oil resource play over the past 24 months. “Results of Mississippian Lime horizontally drilled wells demonstrate the potential for 300,000 to 400,000 barrels of oil equivalent (BOE) per well at relatively shallow drilling depths of approximately 4000 feet, with high oil quality of 35-38 degree API gravity,” Ulsteen added.
Kabe Exploration Inc. is moving forward with established industry partners in coordination with this process. Preliminary discussions have proceeded in a significant manner in order to form a management team with the proven engineering and operational expertise for the planned oil development.
Source: Business Wire
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