Oiltec signs Seismic Option Agreement with Talisman

Jun 21, 1999 02:00 AM

Oiltec Resources has signed a Seismic Option Agreement with Talisman Energy.
The agreement covers 15 townships of land in south-east Saskatchewan over which Talisman has rights to 100,000 net acres of minerals.
The lands are along the most productive, yet under-explored Red River fairway between Oiltec's Hume, Husky's Cedoux and Tri Link's Tyvan oil pools.
Oiltec has an exclusive, rolling seismic and drilling option under the agreement with attractive earning terms.
Oiltec is committed to spend $ 400,000 on seismic and may elect to spud the first exploratory well by December 31, 1999.
Late this month at its Hume oil pool, Oiltec will spud its tenth Red River well.
The pool is currently producing 800 bpd from four vertical wells, two of which are on Talisman lands.
This summer, Oiltec will commence horizontal development of the pool, which is forecast to produce 1,000 bpd net to Oiltec when fully developed.

Source: Iinoil
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