Petro-Hunter to Acquire Stake in South Oklahoma Project

American Petro-Hunter has executed a purchase and sale agreement to acquire a 40% working interest in a minimum 12.14km² of land in Oklahoma, US.

American Petro-Hunter identified five key areas under the allotted area that could allow the future development of 18 additional locations for horizontal wells.

The firm plans to spud the first well towards the end of 2011 or early 2012.

The development strategy of the project is to carry out synchronised operations with new drilling commencing every other month, thus ensuring a continuous area-wide drilling programme throughout the next 24 to 36 months.

American Petro-Hunter president Robert McIntosh said that the acquisition will give the firm a key presence in the emerging Mississippi play.