Connacher Oil and Gas Ltd., Calgary, (Toronto: CLL) has entered a pooling of 38.5 sections (24,640 acres) of contiguous oil-sands rights south of Fort McMurray in the Halfway Creek/Hangingstone East area of northeastern Alberta with Alberta Oilsands Inc.
The pooling will result in the joint ownership, evaluation and potential development of any resources that may be identified by the evaluation program. The agreement provides for the joint operatorship during the initial two years of evaluation, with Connacher the designated operator of any subsequent evaluation and of any identifiable development programs. The companies expect to use steam-assisted gravity drainage if developable prospects are identified.
Eagle Rock Exploration, Calgary, (Toronto Venture: ERX) has entered a farm-in agreement on freehold lands in the Jensen-Warner area of southern Alberta.
Eagle Rock will re-enter and recomplete three wells in the Jensen area by June 30 for a 100% interest in the land with a well, and will have a rolling option to drill and earn 100% in adjacent sections of land with similar wells.
Eagle Rock commenced operations on the first of these three wells in March. If the company completes its first well by Aug. 30, Eagle Rock may earn 100% interest on each section of land on which it completes a new well in the adjacent Warner area.
Eagle Rock will be operator of the recompleted wells and on any new wells in the Jensen-Warner area under this farm-in. The agreement encompasses freehold lands and production from this area will not be subject to the higher Crown royalties proposed by the Alberta government for 2009. The freehold royalty rate is 25%.
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Bob Simpson-led TXO Energy Partners IPO Exceeding Expectations
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