Murphy Oil Acquires New Canadian Acreage

Murphy Oil has entered into an agreement with Kainaiwa Resources to acquire 202 sections of prospective oil and gas properties within the Blood Tribe Reserve in southern Alberta, Canada.

The lease agreement for the 129,280 acres will give Murphy drilling rights on the property for five years with a minimum of 16 wells to be drilled.

Kainaiwa Resources is wholly owned by the Blood Tribe First Nation.

“The Blood First Nation’s lands add to our growing position in the Exshaw / Bakken play of southern Alberta where we are targeting its oil potential,” said Murphy Oil Corporation president and CEO David Wood.