Galileo Petroleum Ltd., a junior oil and gas company, engages in the production, development, and exploration of crude oil and natural gas reserves in Alberta and Saskatchewan, Canada. The company has an interest in five oil and gas projects. Oil and Gas Properties The company has participation interests in one producing oil and gas project in Saskatchewan and in oil and gas exploration ventures located in Saskatchewan and Alberta, Canada. Salt Lake Project The Salt Lake Project is a producing oil project located in central Saskatchewan. The company has a 25% working interest in the project, which totals 3,840 acres. The primary target is the Birdbear carbonate/dolomite formation that correlates to the Nisku formation in Alberta. During 2011, the company announced that it had drilled and completed two horizontal wells and one vertical well on the project. It had also completed two well re-entries on the project. Bigwave Joint Venture The Bigwave JV is an oil and gas exploration project located in central Alberta, Canada. The project consists of 11,360 acres, and the company has a 28.5% participation interest in the project. The Bigwave JV covers a source oil sand-shale sequence, which covers various reservoirs in a Bakken Formation type play. Manito Joint Venture The Manito Joint Venture is located in central Alberta, Canada. The company has a 33.3% participation interest in an Area of Mutual Interest covering 72 square miles, in which the JV has acquired 1 section of land through Alberta Crown Sale. Border Play The company owns a 100% interest in 2 parcels of land totaling 560 acres through Alberta Crown Land Sale. The two parcels lie within the Esther Field located in eastern Alberta in the Bakken Sandstone. The primary exploration target is Bakken oil offsetting producing light oil wells (held by non-related third parties) using horizontal drilling. Provost In February 2012, the company acquired a 50% interest, subject to a 6% gross over-riding royalty and provincial royalties, in 928 acres located in the Provost area of east-central Alberta. The primary target is the Sparky formation for medium grade oil. Dispositions In 2012, the company sold its 50% working interest at Primate that was located in west-central Saskatchewan, which totaled 256 acres (128 net). Government Regulations In Alberta, the company’s operations are primarily subject to the provisions of the Environmental Protection and Enhancement Act (Alberta) and associated regulations. In Saskatchewan, operations are subject to provisions under various Acts and regulations, including the Oil and Gas Conservation Act. History The company was formerly known as Portal Resources Ltd. and changed its name to Galileo Petroleum Ltd. in April 2012.
galileo petroleum ltd
(GPL:TSX Venture Exchange)
625 Howe Street
Vancouver, BC V6C 2T6
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