Sundance Energy Enters into Joint Venture with Birch Lake Energy for Lochend Assets

Sundance Energy Corporation (TSXV:SNY, OTCQX:SNYXF) announced today that it has entered into a joint venture with Birch Lake Energy Inc. (TSXV: BLK) concerning the Lochend assets.

As quoted in the press release:

In order to earn the working interest, Sundance must pay to Birch Lake an aggregate amount of $7,710,000 with the initial payment of $1,340,000 due by March 29, 2013. The subsequent payments will be paid upon Birch Lake receiving the authorizations for expenditure from the operator of the Lochend Assets, in accordance with the governing CAPL Operating Procedure. Sundance will earn the proportionate interest in the Lochend Assets upon payment of each installment to Birch Lake, such that upon payment of the Total Payment, Sundance will hold 50% of Birch Lake’s interest in the Lochend Assets.

To view the whole press release, click here.