County Line Energy Corp. signs Heavy oil deal with Black Creek Resources on Canpar lands
16 Août 2006 - 4:00PM
PR Newswire (US)
COUNTY LINE ENERGY CORP (PINK SHEETS CYLC) CALGARY, Aug. 16
/PRNewswire-FirstCall/ -- Harry Bygdnes, President of County Line
Energy, is pleased to announce that a Participation Agreement has
been signed with Black Creek Resources Ltd. on a heavy oil prospect
near Hayter Alberta. (see news release dated June 29/06) The right
to acquire a portion of Black Creeks interest was completed on the
basis of a previous Seismic Option Agreement signed between Black
Creek and Canpar Holdings Inc. dated June 30, 2006. In the
subsequent Seismic Option agreement between County Line Energy and
Black Creek, County Line agrees to pay 100% of all costs associated
with the Agreement and will pay 100% of all costs to purchase, and
or to shoot all 2-D and 3-D seismic, and drill, case, equip and
tie-in or abandon and reclaim all earning Test Wells associated
with the Agreement to earn an interest in the property. Under the
terms of the agreement County Line Energy will conduct a 3-D
seismic program over a defined AMI (area of mutual interest). The
company must then drill a test well on the property and will be
subjected to various conditions depending on the initial location
within the AMI. Details of these conditions will be disclosed in a
future news release. The interest in the Hayter heavy oil prospect
is based on well bore information from a well that previously
produced 60,000 barrels of heavy oil coupled with old 2-D seismic
information that indicates significant heavy oil bearing structure.
Geological estimates of property potential based on eventual
confirmation of the suspected pay zone are as high as 60,000,000
barrels in place with potential recovery rates of 4% or higher
without additional down hole stimulation. This program will
commence on or before October 1, 2006. We seek Safe Harbour. County
Line Energy Corp subscribes to the provisions, statues and
conditions as set out by the Safe Harbour Act. CONTACT: Harry
Bygdnes, Pres. C.E.O, (604) 250-1033, County Line Energy Corp,
SYMBOL (CYLC), http://www.countylineenergy.net/ DATASOURCE: County
Line Energy Corp. CONTACT: Harry Bygdnes, Pres. C.E.O, (604)
250-1033, County Line Energy Corp, SYMBOL (CYLC),
http://www.countylineenergy.net/
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