Business
Carmen Energy Inc. announces participation in farm-out agreement in Sylvan Lake Area, Alberta
CALGARY, Sept. 9, 2011 /CNW/ - Carmen Energy Inc. (TSXV: CEI) (" Carmen " or the " Corporatio...
About this update from Cassiar Gold Corp
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, Sept. 9, 2011 /CNW/ - Carmen Energy Inc. (TSXV: CEI) (\"Carmen\" or the \"Corporation\") is pleased to announce that the Corporation has entered into a\n subordination agreement to participate in a farmout agreement to drill\n two test wells in the Sylvan Lake Area of Alberta with Solara\n Exploration Ltd.\n\n\nThe subordination agreement provides Carmen with an undivided 25%\n interest in two test wells and the farmout lands. In order to earn the\n 25% interest, Carmen is obligated to pay 25% of the total cost to\n drill, case and complete, or abandon, as the case may be, the test\n wells to contract depth.\n\n\nThe Sylvan Lake Area prospect is subject to Crown Royalties and a\n convertible sliding scale overriding royalty on the first well of 1/150\n (5% minimum - 12% maximum) on crude oil and 12% on all other petroleum\n substances is payable to the Farmor. On the second well a convertible\n sliding scale overriding royalty of 1/150 (5% minimum - 10% maximum) on\n crude oil and 10% on all other petroleum substances is payable to the\n Farmor. The Farmor has the option to convert the overriding royalty,\n prior to equip and tie-in to a 40% and 35% working interest,\n respectively.\n\n\nDrilling has commenced on the first test well and it is expected to be\n drilled and evaluated by late September. The second test well is\n scheduled to spud in September.\n\n\nCarmen Energy President and Chief Executive Officer, Brian Doherty\n stated that, \"The Sylvan Lake area has seen over the past several\n years, a number of noteworthy Leduc discoveries. Those recent wells and\n discoveries have provided us a number of geological and geophysical\n analogies that assisted in evaluating this opportunity. We are very\n pleased to be able to participate in such a strongly supported Leduc\n Project\".\n\n\nAbout Carmen Energy Inc.: Carmen 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 and the\n Hamburg properties in northern western Alberta.\n\n\nNeither the Exchange nor its Regulation Service Provider (as that term\n is defined in the p...