Curlew sells Alberta working interest to Impact
Curlew Lake Resources Inc CWQ
Shares issued 31,714,526 2001-06-29 close $0.08
Tuesday Jul 3 2001 News Release
Also Impact Energy Inc (IEY)
Mr. Robert Pincombe reports
Curlew Lake Resources advises that on June 27, 2001, the company concluded acquisition and farm-in agreements with Impact Energy Inc. on petroleum and natural gas rights immediately adjacent to Impact's Whiskey Creek gas discovery well located southwest of Calgary, Alta. Pursuant to the terms of the agreements, Curlew Lake sold a working interest of 1.09375 per cent for $56,000 plus 17,500 common voting shares of Impact. Impact has also farmed in to an additional 49.8-per-cent working interest in this lease, of which Curlew Lake's prefarm-in interest was 3.2813 per cent. After-cost recovery by farmor of the cost of drilling a well on the subject lease, .8531 per cent of the farmed out interest will revert back to Curlew Lake. Curlew Lake and its partners have retained a 25.2-per-cent direct interest in the P&NG lease, of which Curlew Lake's interest is 1.5750 per cent.
Curlew Lake's actual working interest in the drilling of this new well will be 1.5750 per cent. Subsequent to the drilling, expected completion and payout of the well on this P&NG lease, Curlew Lake's total working interest will increase to 2.4281 per cent. |
