Marauder has sold its interest in certain zones in Production License 2901, offshore Nova Scotia, to EnCana Corporation, the operator and developer of the Deep Panuke natural gas field.
Under the agreement, Marauder receives cash consideration and a stepped, gross overriding royalty with respect to the proceeds of any future production from two currently non-producing exploration licences offshore Greenland where EnCana, as operator of the licences, has conducted some preliminary exploration work. EnCana acquires Marauder's 50 percent interest in those zones of Production License 2901 which are believed to comprise a minor portion of the Deep Panuke natural gas field. First Deep Panuke production is expected in late 2010.
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