SCOTTSDALE, Ariz., Nov. 5, 2012 /PRNewswire/ - Mondial Ventures Inc. (OTCBB: MNVN) announced today it has signed a Definitive Agreement to acquire a 50% working interest and participate in the development of a 240 acre Oil lease known as the Boyette property located in Shackelford County, Texas.
The agreement calls for Mondial to provide $175,000 for the acquisition of the working interest and to prepare the ground work to conduct a 3-D Seismic study on the 240 acres. The seismic study will focus on specific Barnett Shale formation characteristics that will assist in the drilling of up to two Barnett horizontal wells, or 4 equivalent vertical wells per horizontal well, on the Boyette lease. Proposed depth of the future drilling is expected to be approximately 5,200′ to 5,500′ feet.
Three previously producing wells currently exist on the property. Recently, there have been Barnett wells in the immediate surrounding area that have been productive in the oil segment of the Barnett Shale which have justified the seismic study.
The company believes that this is an excellent opportunity to advance its Oil lease acquisition strategy and minimizes their risk by acquiring a working interest, resulting in a co-partnered drilling program. A deposit has already been advanced towards the transaction.Dennis Alexander, Mondial's CEO, stated, "This development of a strategic co-development plan for a multi-drilling program will enable us to participate and expand the breadth of our oil and gas portfolio in a shared risk approach. We believe that this approach will further assist us to limit our financial exposure while having the advantage of utilizing additional oil and gas management, engineering and advisory teams that will have an overall focus on the success of our specific projects." He also stated, "Coming off the back of our successful drilling operation on our Glorieta Formation we are extremely optimistic with this new multi-drilling project." About Mondial Ventures Inc.