OT wow Tiney CEY.V going into Bakken Oil !!!Trading at 0.12 - only 22 mil s/o
Century Energy (CEY-V) has agreed to purchase 100 per cent of the petroleum and natural gas rights to approximately 1,100 acres (445 hectares) in the Bakken oil formation in southern Saskatchewan. Century will acquire five Saskatchewan Crown petroleum and natural gas leases following a petroleum and natural gas purchase and sale agreement between Century and the owner of the leases, Lions Petroleum Inc., an arm's length company.
In consideration for the leases, Century will pay Lions $150,000 in cash, and Lions will retain a 3-per-cent royalty interest on the monthly production from wells drilled on the leases.
Century views the leases, which are adjacent to the Roncott/Bakken oil field, as prospective for both horizontal (exploration) and vertical (development) drilling. Century is conducting geological and engineering work on the property, and more information will be released when the work is completed.