Jan 18 (Reuters) - Wind River Energy Corp said it confirmed the presence of oil in two formations at a project in Montana, United States, sending the Canadian junior oil explorer’s shares up as much as 38 percent.
The company said the presence of oil was confirmed at the Nisku and the Bakken/Three Forks formations at its Phat City project based on drilling in late last year.
At Nisku, Wind River expects to recover between 156,000 and 838,000 barrels of oil per well, and estimates to drill about 125-170 wells.
It equates to about $145 million-$2.2 billion in net value from the formation, Wind River said in a statement.
At the Bakken/Three Forks formation, Wind River expects to recover 46,000-348,000 barrels of oil per well.
Shares of the company were at a two-month high of 27 Canadian cents in morning trading on the Toronto Venture Exchange. (Reporting by Arnav Das Sharma in Bangalore; Editing by Maju Samuel)