Cougar O&G announced the successful acquisition of 2,176 hectares or 5,377 acres of mineral rights at the recent July 7 Alberta provincial land sale.
These leases (mineral rights) are located immediately adjacent to Cougar Canada's existing Trout leases and are all within the identified Trout Core area. The Corporation now holds approximately 15,000 acres of provincial mineral rights.
The lease types are a standard provincial 5 year Petroleum and Natural Gas lease including all formations from surface to basement. These leases will also benefit from the recently announced Alberta royalty incentives, which include a 5% New Well Royalty Rate for the first year of production.
Mr. William Tighe, Chief Executive Officer for Cougar Canada, stated, "We are pleased that Cougar Canada was able to successfully acquire this additional land to continue the development of our Trout Core production area. These parcels were nominated for the sale based on our extensive geological mapping and evaluation of the regional production trends. We will be including this land in our ongoing development operations which is planned to include additional 2D and 3D seismic and vertical and horizontal drilling operations."
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