TAMM Oil and Gas has entered into a Farm-In Agreement to acquire the Heavy Oil rights on up to 276,000 gross (138,000 net) acres through Zentrum Energie Trust, AG ("Zentrum") of Switzerland in the Peace River area of Northwest Alberta Canada.
The Agreement provides that TAMM has the right to pay 100 percent of the costs to earn 100 percent of the Zentrum working interest in the land with Zentrum retaining a 3 percent Gross Overriding Royalty Interest.
Don Hryhor, Director and Exploration advisor said, "This agreement is a major addition to our existing land position in the Peace River Area. The lands are in the area of our Manning project where an independent engineering evaluation determined the first 22,400 acres contained 2.33 billion barrels of Original Heavy Oil in Place.
"This farm-in on a net basis, increases TAMM's acreage potential by 400% and makes us one of the major players in this new heavy oil development area in Alberta. The new lands have prospective heavy oil targets in the Lower Cretaceous Bluesky and Wabaska sands which have substantial heavy oil production in other areas and have attracted major investment from around the world."
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