Boundary Bay Resources, Inc. reported that, on March 22, 2008, a definitive agreement was executed between the Company and OilTec LP ("OTL"). Per the terms of the Agreement, the Company has acquired a 40% working interest of OTL's leasehold interest in the already producing Chevron Fee # 3 well (the "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 and deepening wells to alternative zones for the enhancement of the lease production or the disposal or injection of water.
The Company has also acquired 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.
"This agreement further illustrates our commitment to acquire an interest in established oil and gas properties," stated Lee Borschowa, President of Boundary Bay. "We believe that acquiring such properties will provide us with sufficient resources to continue to implement our business plan."
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