Boundary Bay Signs LOI to Purchase Another Producing Well
Boundary Bay Resources, Inc. announced that, on March 14, 2008, a Letter of Intent ("LOI") was signed between the Company and OilTec LP ("OTL"). Under the terms of the LOI, the Company would acquire a 40% working interest of OTL's leasehold interest in the already producing Chevron Fee # 3 well located in Marion County, Oklahoma in exchange for $75,000.00 USD. The Well is already producing to a depth of 6400 feet.
The rework program being conducted by OTL shall include equipping well sites, electrifying the lease, installation and laying of water and production lines on the lease, deepen wells to alternative zones for the enhancement of the lease production or the disposal or injection of water.
Per the LOI, the Company would also acquire the right to purchase a 25% working interest in any subsequent wells drilled at the Chevron Fee property that are reworked and/or re-completed or re-entered for a pro rata share of cost.
Mr. Borschowa believes that "(t)his letter of intent illustrates that we are committed to our strategic plan to continue in the acquisition of working interests in established oil and gas properties."
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