The company’s winning bids require it to make investments of approximately $47m over the next three years. The exploration program represents the company’s first venture outside of the US.
Steve Mueller, president and CEO of Southwestern Energy, said: “While the Maritimes basin has been recognized for years, we have identified a large area which we believe is prospective for oil and natural gas.
“There is a significant amount of data yet to be collected in order to confirm its economic merit, but if our testing yields positive results, we expect that our activity in the area could increase substantially over the next several years. This could be the beginning of an exciting new chapter in our company’s history.”
Southwestern Energy is an integrated company whose wholly-owned subsidiaries are engaged in oil and gas exploration and production, natural gas gathering and marketing.
