Redwater Energy Corp RDWEF

NEWS, but

[optimist31]

RedStar Oil & Gas Inc. has entered into a $20-million joint venture on its farm-in lands in the greater Sierra area with a private oil and gas company based in the United States. Pursuant to the current farm-in agreement with a major independent producer, the partner will finance $20-million of drilling, completion and tie-in activities which will earn the partner a 50-per-cent working interest in RedStar's interest on all future drilling activities in the greater Sierra area commencing Jan. 4, 2007. ==================================================================== Need clarification as to earned interest in this years activity - reference is to "all future drilling" on block. Do we get $20mm for 2008 an on rights? Therefore, full return to RED for 2007 work? Would not be too bad at that scenario but alternative, 50% from here for only $20mm - questionable, as this is one off the great land blocks controled by an E&P Co. Perhaps rock and a hard spot? Anyone with Corporate ear?