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SOURCE ROCK ROYALTIES CLOSES S.E. SASKATCHEWAN LIGHT OIL FEE TITLE & ROYALTY ACQUISITION WITH DRILL COMMITMENTS
SOURCE ROCK ROYALTIES CLOSES S.E. SASKATCHEWAN LIGHT OIL FEE TITLE & ROYALTY ACQUISITION WITH...
About this update from Source Rock Royalties Ltd.
[{"type":"text","content":"\n \n \n \n SOURCE ROCK ROYALTIES CLOSES S.E. SASKATCHEWAN LIGHT OIL FEE TITLE & ROYALTY ACQUISITION WITH DRILL COMMITMENTS\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n SOURCE ROCK ROYALTIES CLOSES S.E. SASKATCHEWAN LIGHT OIL FEE TITLE & ROYALTY ACQUISITION WITH DRILL COMMITMENTS\n \n \n Canada NewsWire\n \n \n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S./\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n June 1, 2023\n \n \n /CNW/ - Source Rock Royalties Ltd. (\"Source Rock\") (TSXV: SRR) (TSXV: SRR.WT), a pure-play oil and gas royalty company with an established portfolio of light oil focused royalties, announces that it has closed the acquisition of fee title mineral interests in two quarter sections of land (the \"Fee Title\") and a 2% gross overriding royalty (the \"GORR\") in approximately 5,800 gross acres (9 sections) of land in S.E.\n \n Saskatchewan\n \n (the \"GORR Lands\"). The combined purchase price for the transactions was\n \n $3.3 million\n \n and they have an effective date of\n \n May 1, 2023\n \n .\n \n \n \n \n \n \n \n \n \n \n The Fee Title\n \n \n \n The Fee Title is comprised of the following perpetual mineral interests:\n \n \n \n 20% interest in 160 gross acres that is leased at a 20% royalty rate; and\n \n \n 16.67% interest in 160 gross acres that is leased at a 20% royalty rate.\n \n \n \n Both Fee Title interests recently had initial drilling completed by the respective operators. The purchase of the 20% Fee Title interest includes a commitment to drill two additional horizontal wells on or before\n \n October 31, 2023\n \n , however it is anticipated that both wells will be drilled in\n \n June 2023\n \n . Each Fee Title commitment well not satisfied will result in\n \n $200,000\n \n in damages being due to Source Rock.\n \n \n \n The GORR Lands\n \n \n \n A portion of the GORR Lands are contiguous to or directly offsetting Source Rock's existing royalty lands that are actively and successfully being developed. The majority of the GORR La...