Petrostar Petroleum Corporation: Letter of Intent Signed to Develop Bakken Oil Play in SE Saskatchewan
Petrostar Petroleum Corporation (TSX VENTURE: PEP)(FRANKFURT: LMQ), the \"Company\" or \"Petrostar\") announces the following new venture:
The Company is pleased to announce that it has entered into a Letter of Intent with Leaf & Stone Resonance Services Ltd.(L&SRS) of Saskatoon, SK to develop certain leaseholds acquired by L&SRS located in SE Saskatchewan. The leases will cover up to 12 quarter sections of freehold lands that have been acquired.
The area to be developed has two potential oil bearing zones; the Frobisher at a depth of approximately 500m and the Bakken at a depth of 1,100m - 1400m.
Under the terms of the agreement Petrostar will be the operator and provide up to $250,000.00 in drilling funds which matches the technical and mineral rights acquisition costs provided by L&SRS. All future costs will be shared on an equal 50/50 basis.
- Published: 03 June 2008
- Written by Editor