Park Place Energy has entered into an agreement with a private Canadian based Oil and Gas exploration company to create a joint venture partnership on the Company's two Alberta Nordegg land sections.
The earning requirement of the joint venture agreement states that on or before March 31, 2010 the private Company must expend up to a maximum of $350,000 toward the Work Seismic program. Upon satisfying the earning requirement the private Company shall have earned in an undivided 50% working interest in the farm-out lands.
The Work Seismic program announced August 11, 2009 from a private petroleum engineering consulting firm has an estimated cost of $385,000 including final interpretation and analysis.
The seismic program was developed after the engineering consultants reviewed well logs, samples, completion tests and production for all known commercially productive wells located within approximately a ten mile radius of the lands.
The "Nordegg" Member is described as an organic-rich mudstone/marlstone that ranges from 15 to 30 m thick and extends over an area of 90,000 km sq in northeastern BC and adjacent parts of Alberta. The Nordegg is an important petroleum source rock in some areas and in other areas has gas shale potential.
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