Nextraction Energy Corporation (CVE:NE) enters into a Seismic and Farmout agreement with Primary Petroleum Company, LLC, a wholly owned subsidiary of Primary Petroleum Corporation (CVE:PIE).
In 1951 a significant oil discovery was made on the Bakken Formation, which is a very old geological deposit occupying about 520,000 square km of the subsurface of the Williston Basin, covering parts of Montana, North Dakota, and Saskatchewan. An April 2008 USGS report estimated the amount of technically recoverable oil within the Bakken Formation at 3.0 to 4.3 billion barrels.
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