Petro-Hunter Acquires California Natural Gas Play
American Petro-Hunter has executed a Purchase and Sale Agreement to acquire a 25% Working Interest in a highly prospective energy project with significant potential. The Sacramento Gas Project is a key acquisition in American Petro-Hunter's strategy of developing a strong and profitable oil and gas exploration and production (E&P) company.
Under the terms of the agreement, the Company has paid the vendor of the play $200,000.00 which includes a prospect fee for extensive historic engineering and geological development of the gas target as well as going forward turn-key costs for a seismic program required to finalize and define the initial well location. The Sacramento Gas Project is located in California's Central Valley west of Modesto.