Canada: gas exploration

Hunt Oil Co. and Nordic Oil & Gas Ltd have signed a strategic development agreement regarding gas exploration in east-central Saskatchewan. Nordic will have the opportunity to earn an interest in 153,600 acres of Hunt-owned land at Preeceville, 130mi NE of Regina. The ensuing exploration work on the lands will result in Hunt having the option to participate on a 50-50 go-forward basis with Nordic, or allow Nordic to retain a 100% interest in the land with Hunt earning a gross overriding royalty. Hunt’s acreage lies a few miles SE of lands held by Nordic, where survey work has begun for a five-well program. Drilling is to start in September 2009. Nordic has an 80% interest in 137,780 acres.
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