Boundary Bay Acquisition of Working Interest in Well Finalized
Boundary Bay Resources, Inc. reported that a definitive agreement was executed on March 3 between the Company and Nitro Petroleum Inc. The Agreement is in furtherance of the binding letter of intent signed on Feb. 12 and includes additional terms and conditions governing the Company's previously announced acquisition of a 50% working interest in the rework program for the producing well at the Jessica # 23A, located at SE/4 NW/4 SE/4 Section 5, 6N, 6E, in Seminole County, Oklahoma in exchange for $50,000.
Lee Borschowa, President and CEO, stated, "The inclusion of the Jessica Property is a major step for Boundary Bay. Furthermore, the addition of this working interest, along with the over 200 barrels of oil acquired, should generate cash flow for Boundary Bay."