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Super Nova Petroleum Corp. (CSE:SNP) has reached an agreement with BNV Energy LLC of Huston Texas for the sale of approximately 2,964 acres of its wholly owned Milford East Land for US $66,700 in cash, $35,000 upon signing and $31,700 to be paid on July 16th, 2014. BNV has committed $1,500,000 to drill two gas wells and build a gas gathering system on the lower 5,000 acres of the Milford colony Farm in lands, in which Super Nova is farming in to a 80% working interest.
As quoted in the press release:
BNV has committed $1,500,000 to drill two gas wells and build a gas gathering system on the lower 5,000 acres of the Milford colony Farm in lands, in which Super Nova is farming in to a 80% working interest. The first gas well is to be spudded no later than Sept. 30th, 2014. BNV will carry Super Nova to 40% working interest. Once BNV has drilled the two gas wells to depth 3,000 – 4,000 ft., and in case of commercial gas production, BNV will build a gas gathering system and will have earned a 60% working interest in the subject acreage. The Company looks forward to working with BNV.
Click here to read the Super Nova Petroleum Corp. (CSE:SNP) press release
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