Viper Resources Updates on Tar Sands Project in Utah
Viper Resources has received the assignment of the existing federal oil and gas leases on the approximately 33,632 acres of land in Southern Uintah County, Utah, which were the subject of the July 25, 2009 Purchase Agreement between Viper and Enercor, Inc., together with any Combined Hydrocarbon Leases ("CHL's") that may subsequently be issued by the Bureau of Land Management (“BLM”) with respect thereto.
This assignment gives Enercor, Inc. standing to deal directly with the BLM in requesting the BLM to issue CHL's on the Property for the development of tar sands deposits. The issuance of CHL's remains subject to satisfaction of regulatory requirements including, but not limited to, approvals of operating plans and environmental impact studies. When and if the CHL's on the Property are issued, Viper will receive a 35% working interest therein through its participation with Enercor, Inc. under a joint venture arrangement. Viper expects the BLM to issue the CHL's to Enercor, Inc. but can offer no assurances as to timing and whether this will in fact occur.