Endeavor Options Deeper Rights Seismic Review on Sask. Acreage
Endeavor Energy enters an agreement with Pan Terra Resource Corp. and its 50% partner to obtain a "Seismic Option" with respect to shallow gas potential covering approximately 1.1 million acres (gross) in Saskatchewan, Canada. The "Company", together with Ranchmans Resources Ltd., successfully negotiated the 'Seismic Option' focused on the 'deeper rights' within the Saskatchewan land base.
The agreement calls for the "Company" and Ranchmans to commit to a minimum expenditure of $500,000 on a seismic program prior to year end, at which time they may either elect to commit to shoot an additional $500,000 seismic program or drill a well at a location of their choice.
Pan Terra and its partner will retain a 10% GORR on all of the deeper rights and have the option to participate in the drilling of any deeper test up to a maximum 20% working interest. All monies spent by the "Company" and Ranchmans will go toward any yearly work commitments and then once having earned in the lands, will pay its share of the yearly rental fees. Earnings will be as per Saskatchewan Government license regulations in regards to depth drilled.
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