Palisades Signs Joint Operating Agreement

Palisades Petroleum Corp. said that it has signed a joint operating agreement in conjunction with its North Buffalo Prospect in Chouteau County, Mont.

In early July, the company signed a joint operating agreement with Cline Production Co. of Billings, Mont. The agreement appoints Cline as the operator for the North Buffalo Prospect, which is a shallow gas prospect targeting the Bow Island formation. The well partners own approximately 2,900 leasehold acres in the prospect.

Cline has permitted two wells on the prospect. The initial well will offset a 1989 Exxon discovery that tested 802 MCFG/D from the Bow Island formation. This well is slated for drilling pending the availability of a drilling rig.

A gas gathering line is located within 1/4 mile of the initial well, the close proximity of which will expedite gas sales.

The parties to the joint operating agreement are Palisades, 50%; Cline, 27.5%; PBP Resources, LLC, 20%; and Brave River Production, LLC, 2.5%. This agreement and the well partners supersede the arrangement announced in a news release dated Feb. 21, 2006.

Related Companies
 Company: Palisades Petroleum Corp.more info
 - Palisades Enters Agreement For Financing Acquisitions (Apr 16)
 - Palisades Signs Joint Operating Agreement (Jul 24)
 Company: Cline Production Co.more info
 - Palisades Signs Joint Operating Agreement (Jul 24)
 Company: PBP Resources LLCmore info
 - Palisades Signs Joint Operating Agreement (Jul 24)
 Company: Brave River Production LLCmore info
 - Palisades Signs Joint Operating Agreement (Jul 24)
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