Solara Exploration to Drill Cardium Oil Prospect With Limited Partnership

Solara Exploration Ltd. (TSX VENTURE:SAA.A) (TSX VENTURE:SAA.B) reported that it has entered into a Farmout Agreement dated June 1, 2010 with the Pembina Cardium Limited Partnership.

The press release is quoted as saying:

The Farmout Agreement provides for the farmout by Solara of certain interests in a Cardium oil prospect located in the Pembina area of western Alberta on standard industry terms and conditions. The General Partner of the Partnership, in cooperation with Solara, will undertake the drilling of a horizontal well on the farmout lands on behalf of the Partnership. Pursuant to the Farmout Agreement, the Partnership will spend up to $1,000,000 on the drilling and completion of the horizontal well. Solara will also invest funds in the drilling of the well which the parties anticipate will be commenced in the latter part of July, 2010, subject to regulatory approval and surface access.

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