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Raging River investing $3B over 10 years on oil drilling in Saskatchewan

Calgary-based Raging River Exploration plans to spend $3-billion over ten years on oil exploration in Saskatchewan.
Calgary-based Raging River Exploration plans to spend $3-billion over ten years on oil exploration in Saskatchewan. AP Photo/Eric Gay, File

Oil remains around 50 dollars a barrel, but that isn’t stopping a Calgary-based company from announcing a 10-year plan in Saskatchewan.

Raging River Exploration plans to spend $3-billion drilling near Kinderlsey, plus another billion dollars for general operations in the area.

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The company plans to create about 2,500 well sites.

Raging River’s CEO Neil Roszell said government consistency brings them to the province.

“Being able to provide that continuous economic benefit, and that net-net brings us to Saskatchewan where there’s more consistency,” Roszell said.

“There’s no geo-political risk, knowing that we get what we’re going to get, and it’s going to be consistent for the next few years to come.”

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The company plans to invest $175 million for new wells in 2016, mainly in the Kindersley area.

It also plans to concentrate on technological advancements in the Viking area, which includes horizontal waterflooding and trials of different drilling spacing in order to maximize oil recovery.