Shaman Resources Signs PSC with Mongolian Govt.

Shaman Resources Ltd. has signed a production-sharing contract (PSC) with the Mineral Resource and Petroleum Authority of Mongolia (MRPAM) for Petroleum Exploration Block Nyalga-XVI. The Shaman -MRPAM PSC was signed during a ceremony on the occasion of the 10th Annual General Meeting of the North America Mongolia Business Council being held at the Mid-America Club in Chicago, Illinois.

Petroleum Exploration Nyalga-XVI Block is accessible year-round and is traversed by the Trans-Mongolian Railway that runs between Russia and China. Block Nyalga-XVI is an area that is comprised of 16,839 square kilometers (4.2 million acres) in central Mongolia, approximately 100 kilometers southeast from the capital city of Ulan Bator. This area covers the area known as the Nyalga Basin, with potential traps in syn-rifts classics, sourced and sealed by lacustrine shales. Devonian-Permian and Late Jurassic-Cretaceous clastic basin has been identified as potentially prospective in the Nyalga Basin. The northern edge of the Nyalga Basin hosts the Bayan-erhet bitumen deposit, which contains an estimated 25 million barrels of bitumen in Early Cretaceous sandstones.

"The Nyalga-Block XVI represents an exceptional opportunity for Oil and Gas exploration," said Ken Ellison, Vice-President of Shaman Resources, "and this PSC is the beginning of a new partnership between the Canadian and Mongolian Peoples."

His Excellency Chairman Luvsanvandan Bold of the Mineral Resource and Petroleum Authority of Mongolia commented, "I am very pleased to award this Production Sharing Contract and encourage oil and gas exploration in Mongolia and welcome Shaman Resources as a new International Partner in our country."

Shaman Resources Ltd. is a privately held corporation with offices in Calgary, Alberta and Vancouver, British Columbia. The Company was formed in 2005 for the purpose of acquiring oil and gas exploration and production opportunities in Asia.

Company: Shaman Resources Ltd. more info
 - Shaman Resources Signs PSC with Mongolian Govt. (Apr 19)
Company: Mineral Resource and Petroleum Authority of Mongolia (MRPAM) more info
 - Petro Matad Wins Rights to Explore 2 Petroleum Blocks Onshore Mongolia (Jul 08)
 - Shaman Resources Signs PSC with Mongolian Govt. (Apr 19)