BNP said that, on or before September 15, 2006, it will reprocess at least 60 kilometers of the trust's 2D seismic data and will provide a copy of this reprocessed data to the trust. By October 15, 2006, BNP may elect to either shoot an additional 5 kilometers of 2D seismic or drill an earning well of sufficient depth to evaluate the Triassic.
Drilling operations are to commence within 90 days of electing to drill. Upon drilling and casing or abandoning the earning well, BNP will earn an undivided 55% working interest in the option lands.
"This deal fits BNP's game plan of operating a property in one of our core areas with multi-zone potential and high working interests," says Gregory Bilcox, the company’s president and CEO.
BNP is actively engaged in the exploration for, the development and production of, natural gas and oil reserves. BNP's business strategy is to build sustainable and profitable per-share growth through selective acquisitions and internally generated exploration and development drilling. BNP's initial areas of operational focus are in the Peace River Arch area of Alberta, the Central Alberta area, and the Southeast Saskatchewan area.
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