IFR Increases Stake in Central Mackenzie Valley, NWT
International Frontier Resources has acquired additional working interests in the Summit - Keele area located in the Central Mackenzie Valley, NWT. The interests were acquired by way of exercising the Company's Right of First Refusal triggered by a sale and purchase agreement entered into between two parties to the Joint Operating Agreement.
The Company has increased its working interest in the following lands;
- EL-397 - increased from 5% to 8.2112%. The acquisition includes the Summit Creek B-44 discovery well and K-44 well bore.
- EL-423 - increased from 5% to 8.2112%. In addition the Company has agreed to increase its interest from 8.2112% to 15% in the Haywood B-20 and Cloverleaf L-52 exploration wells that are scheduled to commence drilling in January 2008.
- EL-441 - increased from 7.5% to 13.42%.
- TDL Freehold Parcels M-32, M-33, M-34, M-35 and M-39 - increased from 16.1111% to 42.0359%, IFR operates the subject lands. TDL parcel M-39 is located in EL-423 and is located within close proximity to next winter's drilling program.
The acquisition provides additional reserves in the Summit Creek B-44 discovery area and also increases the Company's working interests in approximately 1,100,000 gross acres in this newly discovered hydrocarbon province.
- IFR Increases Stake in Central Mackenzie Valley, NWT (Nov 01)