Monday, August 5th, 2013
Daewoo International will invest a total of US$71.2 million for the stake and exploration. It won a right to sell 14.6 million barrels of oil equivalents out of the total reserves of 48 million BOE. The two companies will soon begin explorations and commercial production. By 2015, they will have bored 70 drill holes in fields located 200 kilometers northwest of Calgary.
The largest general trading company in Korea has also won the option to invest in other fields that Bellatrix will develop in the future. The company expects that it will be able to increase its presence in Canada's tight oil development business.
