The Conversation (0)
Oct. 06, 2014 12:46PM PST
Super Nova Petroleum (CSE:SNP) announced that Augusta Exploration LLC is set to begin drilling the Augusta-Krone Bakken formation on October 10. Super Nova earns 20 percent of the well, once it has been cored and logged.
According to the press release:
Super Nova earns 20% of the well and two sections (T/R 18N/5W S 31 & 32) totaling 1280 acres gross, by issuing 7,000,000 of its shares and 5,000,000 warrants exercisable at $0.10 for two years. The shares will be issued once the Bakken formation has been cored and logged. The two sections are subject to royalty burdens of 15%. Super Nova will retain a carried working interest of 20% in the initial well through to placing of the initial well onto production. After drilling, completing, equipping and placing into production of the initial well, all parties will assume a “heads up” status and carry proportional shares of the costs (Augusta 80%, Super Nova 20%) in subsequent operations.
Click here to read the Super Nova Petroleum Corp. (CSE:SNP) press release
Click here to see the Super Nova Petroleum Corp. (CSE:SNP) profile.