The property is expected to start producing premium light oil by March 2012 from an existing well and the company is looking to develop seven additional drilling locations on the property.

Spectral said it is now evaluating its options to partner, farm-out, develop or otherwise finance these additional drilling locations.

The company acquired a 60% controlling stake in the property for $2m and has advanced $750,000 in cash for working capital to the property.

Development of the remaining seven horizontal drilling locations is anticipated to cost approximately $20m.

Spectral is focused on the acquisition and development of natural resources projects worldwide.