Int'l Frontier JV plans North Sea exploration well
2006-05-23 08:49 ET - News Release
See News Release (C-IFR) International Frontier Resources Corp
Mr. Pat Boswell of International Frontier reports
INTERNATIONAL FRONTIER RESOURCES CORPORATION: NORTH SEA EXPLORATION WELL PLANNED
International Frontier Resources Corp. has signed letter agreements with Palace Exploration Company (E&P) Ltd., Oilexco North Sea Ltd., Gulf Shores Resources Ltd. and Eternal Energy Corp. (NASD OTC-BB: EERG) under which Oilexco, Gulf Shores and Eternal will drill a test well to evaluate the Laurel Valley prospect located in Quad 14 in the Outer Moray Firth area of the United Kingdom North Sea. The Laurel Valley No. 1 well will evaluate two prospective Jurassic oil targets and the Lower Cretaceous section identified on a 255-square-kilometre 3-D seismic survey. Drilling costs will be financed by Oilexco 75 per cent, Gulf Shores 12.50 per cent and Eternal 12.50 per cent.
Drilling operations, using the Sedco 712 rig currently under contract to Oilexco, will commence on or before Dec. 31, 2006. After drilling, working interests in the blocks will be held Oilexco -- 45.00 per cent (operator), Palace & Challenger -- 26.00 per cent, International Frontier -- 10.4375 per cent, Eternal -- 9.1875 per cent and Gulf Shores -- 9.3750 per cent. The agreement is subject to approval of the U.K. Department of Trade and Industry, and execution of formal farm-in agreements.
The company also reported today that a seismic review -- farm-in option letter agreement has been executed covering blocks 21/8, 21/14 and 21/15b located in the Central Graben area of the North Sea. Under the agreement International Frontier, Oilexco, Gulf Shores and Eternal have until July 15, 2006, to elect to drill a farm-in well on the Quad 21 acreage held by Palace and Challenger Minerals (North Sea) Ltd.
Commenting on the agreements company president, Pat Boswell, said the company is pleased to partner with Oilexco which has gained the reputation of being one of the most innovative and aggressive exploration companies in the U.K. sector of the North Sea. Oilexco had the foresight to contract a drilling rig under a long-term arrangement when demand for rigs in the North Sea has reached record levels. Having a rig under long-term contract allows Oilexco to develop any exploration successes in a timely fashion.
Gulf Shores, USG Energy agreement on Alberta properties
2006-05-23 16:21 ET - Property Agreement
The TSX Venture Exchange has accepted for filing an area of mutual interest agreement dated April 19, 2006, between Gulf Shores Resources Ltd. and USG Energy Corp., whereby the company will acquire from USG Energy, a non-arm's-length company, a 15-per-cent interest in certain oil and gas properties in Southern Alberta.
Gulf Shores farm-out agreement for two En-Core wells
2006-05-23 16:28 ET - Property Agreement
The TSX Venture Exchange has accepted for filing a farm-out and participation agreement dated April 12, 2006, between Gulf Shores Resources Ltd., USG Energy Corp., Interwest Enterprises Ltd., Canadian Imperial Venture Corp. and En-Core Investments Ltd., whereby the company will acquire from En-Core Investments, an arm's-length company, a 25-per-cent interest in two oil and gas test wells totalling 1,280 acres located in Southern Alberta. |
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