Northern Sun extends land acquisition & management agreement
TSX-V: NSE
CALGARY, Oct. 15 /CNW/ -
NORTHERN SUN EXPLORATION COMPANY INC.
(the "Company") is pleased to announce that it has
signed a 5 year extension on its Land Acquisition and
Management Agreement ("Agreement") with the Ka'a' gee Tu
First Nation community (the "First Nation"), to explore
for petroleum and natural gas substances within
the First Nation's traditional land base (the "Lands").
The Company, in partnership with the First Nation and
subject to the rights issuance process, will pursue oil
and gas development over the First Nation's traditional
lands, through an agreement designed to provide
the First Nation's people with shared control and
management of such resources, and to generate benefits
and revenue from development on their Lands.
The Agreement contains a number of environmental,
social, business development, and economic strategies
and components.
Where exploration and development are to take place on
the Lands, the First Nation will ensure it fully
participates in the management of;
environmental impacts, overall development disturbances,
equity participation and other working alliances selection.
The First Nation is currently undertaking discussions
with certain Governments (the "Governments") in respect
of this initiative.
Consistent with the Governments direction towards promoting
and assisting the First Nations' efforts to realize
their goals, the First Nation anticipates that its
ongoing discussions will result in a successful outcome
in the very near future.
Northern Sun -
will provide technical and other support to facilitate
these discussions surrounding exploration and development
within selected areas of the First Nation's Lands.
The Lands cover several million acres in the Canadian north.
Due to the 1975 Berger Inquiry which resulted in a
moratorium on exploration and resource development
throughout the north, it is one of the largest
under-explored land bases in North America and
considered to be an extremely oil and gas-rich basin -
several pre-moratorium exploratory wells drilled in
the early 1970's encountered natural gas.
Northern Sun -
is an Alberta-based exploration and production company
with operations in Alberta, Saskatchewan and
the North West Territories.
ON BEHALF OF THE BOARD OF DIRECTORS OF
NORTHERN SUN EXPLORATION COMPANY INC.
"Chris Cooper"
President & CEO
northernsunex.com
This release includes certain statements that may be deemed "Forward-looking statements". All statements in this release that address future production, reserve potentials or exploration drilling, are forward-looking statements. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the contents of this news
release.
Source: Canada NewsWire (October 15, 2007 - 12:59 PM EDT)
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