Standard Exploration Announces Strategic Acquisition in Horizontal Viking Oil Well

- January 19th, 2011

Standard Exploration Ltd. (CVE:STD) acquires a 25% working interest in over 6 sections of land in the Crossfield area of Alberta for $400,000.

Standard Exploration Ltd. (TSXV:STD) acquires a 25% working interest in over 6 sections of land in the Crossfield area of Alberta for $400,000.

The press release is quoted as saying:

In exchange for the rights to the land, the Corporation paid $100,000 in cash and issued 726,392 common shares to the vendor at a deemed of value of $0.413/share which was the 10 trading day average closing price of the Corporation’s shares prior to January 18, 2011. The lands are located along a Viking oil resource fairway where there have been 9 horizontal wells drilled to date. Standard is participating for its 25% interest in a horizontal well on the lands which spud on January 7th, 2011.

Click here to access the entire press release

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