First Sahara Energy Inc. (First Sahara) has 100% exploration and development rights to five properties in southern New Brunswick, three of which are in the process of being converted to new five-year leases:
Rosevale Block ONG Lease 07-6a (1054.48 hectares/2605 acres) – 5-year extension pending
Lease 07-6a is located approximately 15 kilometres south of Moncton in the northeast part of an area of property called the Rosevale Block. First Sahara (operating as PetroWorth Resources Inc. at that time) has two promising wells on this property:
The E-08 well – was drilled in 2008 to a total depth of 1600 metres. Four zones subsequently underwent hydraulic fracturing, which resulted in a flow rate of approximately 950,000 cubic feet of natural gas per day and 20+ barrels of oil per day at the end of a six-day flow test. This well has since been shut in due to the depressed price of natural gas.
The A-08 well – located approximately 1000 metres east of E-08, A-08 was drilled in 2009 to a total depth of 1950 metres. A geochemical analysis of the well indicates that in addition to the same natural gas formations encountered in E-08, A-08 has an estimated 400-metre thick shale oil formation. At least five zones in the well merit hydraulic fracturing, which has yet to be conducted.
Rosevale Block ONG Lease 07-6b (3888.78 hectares/9609 acres) – 5-year extension pending
Lease 07-6b is located approximately 25 kilometres to the southwest of Lease 07-6b and is immediately adjacent to the Corridor Resources Inc. (“Corridor”) property where the McCully Field is currently flowing approximately 15 million cubic feet of natural gas per day to the Maritimes & Northeast Pipeline. At the eastern end of Corridor’s property, just a few kilometers from First Sahara’s property, two promising natural gas wells and one promising oil well have been drilled. Fresh seismic data and an analysis of a few historical wells drilled in the vicinity indicate that the strong probability of a promising shale gas play on Lease 07-6b.
ONG Lease 09-11 (717.50 hectares/1773 acres) and ONG Lease 09-12 (2152.50 hectares/5319 acres) – both expire August 14, 2014
Leases 09-11 and 09-12 abut each other and are located immediately north of the Stoney Creek field which has produce 800,000 barrels of oil and 30 billion cubic feet of natural gas to date.
Sackville Basin ONG Lease 12-05 (23,803.60 hectares/58819 acres) – 5-year extension pending
First Sahara’s Sackville Basin property is located on the deepest of the three lacustrine basins in the region – to the west are the the Elgin Basin where Corridor Resources operates and the Moncton sub-basin where the Stoney Creek field has been such a prolific producer. First Sahara has approximately 115 kilometres of fresh seismic data on its Sackville Basin property. A geological interpretation of this data indicates the potential for a promising shale gas play on the Sackville Basin.