Portal Enters Birdbear Oil Play in West Central Saskatchewan
Portal Resources Ltd. (CVE:PDO) enters into an agreement to participate in the development of an oil play in west central Saskatchewan.
Portal Resources Ltd. (TSXV:PDO) enters into an agreement to participate in the development of an oil play in west central Saskatchewan.
The press release is quoted as saying:
Under the terms of the agreement between Portal and a private, Canadian oil and natural gas producer, Portal has the right to earn a 25%, non operating, working interest in a total of four sections of land (2,560 acres). A 25% working interest in the first two sections will be earned by participating in, and paying a 50% cost share of, the drilling of one vertical and one horizontal well. An interest in an additional two sections of land will be earned with participation on a “straight up basis” (25% of costs for a 25% working interest).