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September 4, 2009
Interest in Nova Scotia’s onshore continues to grow with the approval of another onshore exploration agreement, today, Sept. 4, by Energy Minister Bill Estabrooks.Eastrock Resources Ltd. was granted an exploration agreement to explore for conventional oil and gas on land in Cumberland and Colchester counties. The area spans from the western coast of Eatonville, to Economy, up to Glenville. All provincial parks, First Nation reserve lands and designated wilderness areas are exempt from this agreement.
The licence was awarded following a call for bids announced in Dec. 2008. Eastrock currently holds a conventional exploration agreement in the neighboring Springhill area, awarded in 2006.
“Onshore oil and natural gas holds tremendous potential for Nova Scotia,” said Mr. Estabrooks. “We are encouraged to see Eastrock Resources expand its interest in our province and we look forward to working with them in the future.”
“We are delighted to increase our acreage position in Nova Scotia to about 258,000 hectares of adjoining petroleum rights,” said Michael Volcko, president of Eastrock Resources Ltd. “The large area has prospects for both conventional petroleum resources and unconventional shale gas, and we have already identified numerous drilling prospects for both.”
Onshore conventional exploration agreements are valid for three years with an option to renew at the end of the third year. There are nine onshore exploration and production agreements held in the province.
In order to be awarded the rights to explore a block of land, companies must go through a competitive bidding process. Successful bidders are chosen based on the financial value of the company’s workplan over the term of the agreement, its technical capabilities and industry experience.
All onshore oil and gas exploration activity in Nova Scotia is regulated by various departments including Energy, Environment, and Natural Resources. These departments work together to set the terms and conditions on access to any Crown land under the exploration agreement. This agreement does not permit the company to conduct activities such as seismic and drilling without permission of the landowner, private and Crown.
Eastrock Resources Ltd. is a Canadian privately owned oil and gas exploration company based in Alberta, with holdings in Nova Scotia.
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Nova Scotia’s oil and gas sector continues to grow as another onshore oil and natural gas exploration agreement was approved today (September 4th).
Energy Minister Bill Estabrooks granted approval to Eastrock Resources Limited to explore for oil and natural gas on a block of land spanning Cumberland and Colchester Counties from Eatonville to Economy, and up to Glenville.
All provincial parks, First Nation reserve lands and designated wilderness areas are exempt from this agreement. Eastrock currently holds an exploration agreement in the neighboring Springhill area, awarded in 2006.
Mr. Estabrooks says onshore oil and natural gas hold tremendous potential for Nova Scotia and he is encouraged to see the company expand their interest in the province. There are nine exploration and production agreements held in the province.
Media Contact: Matt Lumley
Department of Energy
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