Cypress Hills Acquires Stake in Lone Pine Creek Prospect
Cypress Hills Resource and its partners have entered into a Farm-in and Option Agreement with a private Alberta company to re-enter and deepen an existing well in the Lone Pine Creek area of Alberta. This exploration farm-in covers seven sections of land and will target a seismically defined Swan Hills reef complex. The Swan Hills formation is a prolific producer of both oil and natural gas in Alberta with reserves reported to be in excess of 10,000,000 barrels of oil equivalent per section in some fields in the province. The parties plan to begin drilling operations as soon as all regulatory approvals are received.
The total cost of the project to drill, complete and equip a successful well will be approximately $750,000.00. The Company will be participating for a 20% working interest ($150,000.00) in the project.
In conjunction with this project, Mr. Ted Fostey of Calgary, Alberta has been appointed President of the Company and joins the Board of Directors. And, in light of the farm-in the company expects to soon complete the two private placement financings raising up to $350,000 announced earlier this year.
- Cypress Hills Receives Approval for Debenture Financing (Mar 07)
- Cypress Hills Reports Net Productive Sands at Armstrong Ranch, Texas (Feb 11)
- Cypress Hills Spuds Initial Well on Armstrong Ranch, Texas Project (Jan 02)