Arctic Hunter Energy Inc. has participated in successfully drilling, completing, and brought onto production another well situated on its Landrose property in west central Saskatchewan in the Company's core heavy oil operating area.
The Company had entered into a Sub-Participation Agreement with Alberta Star Development Corp. and under the terms of the agreement, Arctic Hunter agreed to participate with Alberta star in the drilling of this test well. Alberta Star holds a 50 percent working interest in the new well.
Under the terms of the Sub-Participation Agreement, Arctic Hunter must pay 50 percent of the Alberta Star's share of the costs, to drill, complete and equip the test well to earn a 25 percent working interest (being 50 percent of Alberta Star's pre-participation 50 percent working interest) in the well.
The well is located in Landrose, Saskatchewan on Section 6-50-26-W3M, and is now on production and is the third successful well brought onto production by the Company at Landrose which now accounts for 100 percent of the Company's heavy oil revenue and production.
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