Solara has drilled and cased a horizontal well at 16-9-45-5W5M to evaluate the oil potential of the Cardium formation at its Buck Lake (Pembina) project. The Company is proceeding with the completion and stimulation (fracing) of the Cardium formation within the next several days contingent on the availability of fracing services. Solara has three more horizontal wells which it plans to drill on its Buck Lake (Pembina) lands prior to year end. To date, the Company has drilled and participated in five Cardium horizontal oil and gas wells on the project lands.
Solara also advises that it has entered into a Sale Agreement with an undisclosed purchaser which involves the sale of a number of its non-core oil and gas assets for aggregate consideration of $1,100,000. The disposition of these assets, which is part of the Company's ongoing asset rationalization program, is scheduled to close on October 23, 2011 and is subject to the usual industry conditions for transactions of this nature.
The Company has also completed the balance of its previously announced Private Placement and issued 162,500 additional Units at a price of $0.40 per Unit for proceeds of $65,000. As a result, the Private Placement was oversubscribed and the Company raised an aggregate of $1,232,000 in the two closings.
At its Annual Meeting which was held on Friday, September 9, 2011, Stanley M. Davison (Chairman), John D. Boyd, Alfred F. Fischer and Donald R. Holding were reappointed as directors of the Company.
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