Goldenosers wait with baited breath!!!!"
Noel
As announced in the January 26, 2011 news release, the Corporation has entered into a farm-in agreement to earn in 24 sections (approximately 15,360 acres) of unexploited shallow natural gas rights to the base of the Cardium formation. This farm-in is on developed lands in the producing Noel field located in northeastern British Columbia. Under the terms of the agreement, Goldnev was to elect and spud the initial earning well on or before March 31, 2011 which then provides for a rolling option to earn on the remaining lands. The Farmor has the right to participate in certain option wells or retain a gross overriding interest.
At the request of Goldnev, the Farmor has granted an extension to the drilling of the initial test well until June 30, 2011, subject to rig availability and lease access. The Corporation is currently making preparations for the survey and construction of a surface lease and obtaining a drilling license. "