GREAT FALLS, Mont.--(BUSINESS WIRE)--Eco-Trade Corp. (OTCQB: BOPT), an independent oil and gas exploration Company, today provided insights on its property with the Bakken now being one of the largest sources of crude production in the USA and being considered to be a game changer in achieving American energy independence.
According to an article on CNBC, Fadel Gheit, an energy analyst at Oppenheimer, noted, “With U.S. crude oil hovering above $90, drilling in Bakken is like printing money. Capital is coming from all around the world, even Europe and Asia. It has single-handedly changed the outlook for oil production.” Gheit also called Bakken's crude “one of the purest oil plays because it is comprised of 90 percent oil and 10 percent natural gas. Better technology and capital investment will only ramp that up.”
“The outlook for Bakken crude production over the next few years is promising, and many of the government reserve estimates could be understating the potential of Bakken and some of its surrounding formations,” Platts Energy news said. And a recent article on SeekingAlpha.com noted that Barron's financial magazine reported that a Citigroup strategist said the exploration and production subsector of the energy sector looks “strong” due to favorable valuation factors. Also, in late March 2013, an article on Morningstar said that the energy sector remains “materially” undervalued.
According to BMO capital Markets, “While the play is still emerging, the Alberta Bakken appears to be developing into a potential new unconventional tight oil resource play.”
On Monday, Crude oil for May delivery gained 66 cents, or 0.7%, to settle at $93.36 a barrel on the New York Mercantile Exchange. The contract had touched an intraday high of $93.75.
Eco-Trade Corp. noted the following about its prospect:
1. It is located in the prime thermal maturity zone, where Vitrinite Reflectance (Ro) is between 0.7% and 1.5%. This is where oil generation in the Bakken is at its highest level.
2. Major oil companies are aggressively purchasing mineral leases and drilling in the Bakken Fairway including Rosetta Resources, which has drilled over 6 exploratory wells and confirms “significant oil hydrocarbons in place, 13-15 MMBOE per section, and over-pressured reservoirs.”
3. The prospect area is easily accessible, serviced by many highways and nearby towns, and the land itself is largely gentle rolling hills.
4. Drilling depth for much of the area is 8,000 feet or less, and drilling costs will be less than a third of a Williston Basin well.
The Company believes that it has positioned itself in the middle of a major new oil play in Continental America, and is looking forward to developing its assets further.
In clarification of the Company's press release dated March 19, 2013, the Company wishes to note that the report which it referenced in this release was not a formal third party report, but rather an informal and estimated report prepared on an estimated basis utilizing third party reports from surrounding properties. A formal reserve report will be announced when engagement with the target Engineering firm is finalized.
About Eco-Trade
Eco-Trade is a fully-reporting, independent oil and gas exploration company, that has drilling and production rights on a property in Lewis & Clark County in Montana, near Great Falls. Please visit www.ecotradecorporation.com.
Safe Harbor
The information in this release includes forward-looking statements. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this release. You should carefully review the information disclosed within the section entitled "Risk Factors" contained in the Company's Report on Form 10Q filed on November 13 2012, as well as the information contained in this release, and amended risk factors to investment that may be found at http://www.ecotradecorporation.com/contact/safe_harbor.html when assessing the Company and its business. The Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms, such as prospective resource or Original Oil in Place (OOIP) or Petroleum Initially In Place (PIIP), or Estimated Reserve Potential (ERP), Estimated Ultimate Recovery (EUR) that the SEC's guidelines strictly prohibit us from including in filings with the SEC. Additional information may be found at the following web site:
http://www.sec.gov/divisions/corpfin/guidance/cfoilgasinterps.htm
