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Hemisphere Energy Corporation (TSXV:HME) has signed an agreement to start drilling of one horizontal well by March 31, 2012 in order to earn lands in the Jenner area, southeast Alberta.
Hemisphere Energy Corporation (TSXV:HME) has signed an agreement to start drilling of one horizontal well by March 31, 2012 in order to earn lands in the Jenner area, southeast Alberta.
As quoted in the press release:
Under the terms of the agreement Hemisphere will pay 100% of the drilling, completion and tie-in costs to earn 100% of the earned lands before payout, subject to a convertible overriding royalty. Once the obligations of the commitment well are fulfilled Hemisphere will have the option of drilling a second well to earn additional lands.
Click here to read the Hemisphere Energy Corporation (TSXV:HME) press release.
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