Stonehorse Energy Expands Canadian Portfolio with New Wells in Alberta

Stonehorse Energy Limited (ASX: SHE) has entered a definitive farm-in agreement with a private Canadian oil and gas company to participate in drilling its first well targeting the Ellerslie Reservoir in the Drumheller area near Calgary, Alberta. Drilling will commence imminently, with Stonehorse investing approximately C$1.15 million for a 20% working interest. The Ellerslie play, producing over 40,000 boe/d with 77% liquids, has delivered an 18% compound annual growth rate since 2017 and ranks among the most profitable in the Western Canada Sedimentary Basin.

Stonehorse also plans to participate in up to three additional wells in the same area, investing about C$1.82 million per well for a 35% working interest. Executive Chairman Robert Gardner stated that this partnership represents a strategic move to strengthen the company’s position in Western Canada’s light oil sector, leveraging the operator’s expertise and existing infrastructure for near-term production and sales.

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