Alberta Star Agrees to Participate With Forent Energy Ltd./Sahara Energy Ltd. Drilling Another Heavy Oil Well

- February 16th, 2011

Alberta Star Development Corp. (CVE:ASX) agrees to participate drilling one well (0.5 net to the Company) on the Blackfoot lands located in the Lloydminster area of Alberta.

Alberta Star Development Corp. (TSXV:ASX) agrees to participate drilling one well (0.5 net to the Company) on the Blackfoot lands located in the Lloydminster area of Alberta.

The press release is quoted as saying:

Forent Energy Ltd. (“Forent”) will be the operator and holds a 50% working interest in the well. Alberta Star must pay 50% of the cost to drill, complete and equip or abandon the well to earn a (50% net) interest before payout, reserving to Sahara Energy Ltd. (“Sahara”) a gross convertible overriding royalty of 15% until payout. After payout, Sahara has the option to convert its gross overriding royalty to a 25% working interest (25% net) in the well spacing unit.

Click here to access the entire press release

Tags

Tags:

Leave a Reply