Falcon will also undertake a completion and testing program for these five wells. If testing is successful, Falcon will have an option to acquire a 50% working interest in the Buckskin Mesa Project. Falcon has also entered into agreements to acquire a 50% working interest in PetroHunter’s seven million acre prospect in Northern Territory, Australia.
Marc Bruner, chairman, CEO and president of Falcon is a significant shareholder of PetroHunter. As a result, the board of directors of Falcon formed an independent committee, consisting of the six independent directors, to evaluate and approve the transactions.
Rod Wallis, COO of Falcon Oil & Gas, said: The evolution of our business strategy is to build our portfolio and pursue assets that will enable us to leverage our unconventional resource expertise. The Buckskin Mesa Project provides Falcon with the potential for near-term gas production in one of the most productive unconventional gas deposits in the continental US.
