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SAH Sahara Energy Ltd

0.025
0.00 (0.00%)
18 Jul 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Sahara Energy Ltd TSXV:SAH TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.025 0.02 0.025 0 01:00:00

Sahara Farmsout Blackfoot Heavy Oil Property

12/05/2010 10:55pm

Marketwired Canada


Sahara Energy Ltd. (TSX VENTURE:SAH) (PINK SHEETS:SAHRF) (the "Company" or
"Sahara") is pleased to announce that it has entered into a Farmout and Option
Agreement with Forent Energy Ltd. ("Forent") whereby Sahara agrees to farmout
its Blackfoot heavy oil property located in the Lloydminster area of Alberta to
Forent. The terms of the agreement include that the Farmee (Forent) shall pay
100% of the drilling, completing, and equipping cost of the Test Well, to earn
100% interest in the drilling spacing unit before payout subject to a
convertible 15% gross overriding royalty payable to Sahara. At payout, Sahara
shall have the option to either convert to a 50% working interest or remain in
the overriding royalty position. By drilling the Test Well, Forent shall earn an
additional 50% interest in 40 acres of the Farmout Lands. Forent shall have the
option to drill a second well ("Option Well") under the same terms as the Test
Well to earn an additional 80 acres of the Farmout Lands. The drilling of the
Test Well is subject to a favourable down spacing order being granted by the
Crown on the Farmout Lands. 


38,036,302 shares outstanding

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