Super Nova Petroleum Corp. (CSE:SNP) and Augusta Exploration LLC of Montana are in agreement for Super Nova to participate in a southern Alberta Bakken Play oil and gas test well.
As quoted in the press release:
The Company will earn a 20% working interest in this well by issuing 7,000,000 common shares and 5,000,000 warrants exercisable at $0.10/share for the first year and $0.15/share for the second year. The common shares and warrants will be escrowed and turned over once the well has been drilled and the Bakken formation has been logged and cored. 50% will go to Summit Exploration LLC and the remaining 50% will go to North-Dakota Development LLC.
This well will be drilled, financed and operated by Augusta Exploration LLC.