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Carmen Energy Inc. announces amendment to Hamburg farmin agreement
CALGARY, Dec. 9, 2011 /CNW/ - Carmen Energy Inc. (" Carmen " or the " Corporation ") (TSX Ven...
About this update from Cassiar Gold Corp
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, Dec. 9, 2011 /CNW/ - Carmen Energy Inc. (\"Carmen\" or the \"Corporation\") (TSX Venture Exchange: CEI) is pleased to announce that it has\n executed an amending agreement with the farmors to amend the terms of a\n farmin agreement relating to the Hamburg lands (previously disclosed in\n a press release of the Corporation dated July 19, 2011) increasing the\n potential working interest to Carmen and eliminating the convertible\n term of the overriding royalty (the \"Amended Farmin\"). Pursuant to the Amended Farmin, Carmen now has the right to earn a\n 100% working interest in four sections of land in the Hamburg area of\n Alberta. To earn this working interest in the first two sections of\n land, Carmen is required to contribute 100% of the costs to drill to\n the contract depth, abandon, cap or complete, equip and tie-in the\n first option well.  The Amended Farmin provides that the first option\n well is to be spudded on or before February 15, 2012. The working\n interest is subject to a non-convertible overriding royalty calculated\n on 100% of production of 1/15 (min. 5/10% and max 15/20%) on crude and\n 15/20% on all other petroleum substances.\n\n\nSubsequent to fulfilling its obligations for the first option well,\n Carmen shall have the right under the Amended Farmin to elect, within\n 90 days from the rig release of the first option well, to drill the\n second option well to earn a 100% working interest in the remaining two\n sections of land. The Amended Farmin provides that the second option\n well must be spudded within 9 months of Carmen's election to drill\n same.  The earning provisions of the second option block are the same\n as for the first option well and Carmen's working interest in all four\n sections of Hamburg land shall be subject to the overriding royalty\n discussed above.\n\n\nAbout Carmen Energy Inc.\n\n\nCarmen is based in Calgary, Alberta and a publicly traded oil and gas\n exploration and production company. The focus is on exploration and\n development of Western Canadian Sedimentary Basin based oil and gas\n properties. The current projects are the Jumpbush properties in south\n eastern Alberta, the Ferrybank properties in central Alberta, the\n Sylvan Lake area properties in Southern Alberta, the Viking-Kinsella\n properties in Alberta and the Hamburg properties ...