Bounty is finalizing arrangements for the purchase of a 40% interest in the Utopia Oil field in ATP 560P, Queensland (Bounty announced its agreement to acquire this interest on December 17, 2004) and is progressing discussions with field operator Oil Wells Inc of Kentucky and White Sands whereby White Sands can earn an interest in Utopia in return for the acquisition of 3D seismic and the drilling of a minimum of two horizontal development wells. Oil Wells Inc of Kentucky holds a 60% interest in the field.
On completion of Bounty's purchase, partners in the Utopia Oil Field will be Oil Wells Inc of Kentucky as operator with 60% and Bounty Oil and Gas with the remaining 40%.
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