Lands End Resources Ltd.
CNQ : LAND

Lands End Resources Ltd.

March 27, 2008 12:00 ET

Lands End Resources Announces Farm-In Option and Participation Agreement

CALGARY, ALBERTA--(Marketwire - March 27, 2008) - Lands End Resources Ltd. (CNQ:LAND) (the "Company") is pleased to announce the signing of a Farm-in Option and Participation Agreement (the "Farm-in Agreement") with an industry partner (the "Farmor") for the development of a Cardium well program located near Edson, Alberta (the "Edson Program"). The Edson Program currently consists of three wells.

Under the terms of the Farm-in Agreement, the Company will pay 50% of the development and exploration costs to earn a maximum 25% Working Interest (net, after payout) in the Edson Program. The Company has been served and has paid in full two AFE's to meet the first stage of commitments of the Farm-in Agreement. The first AFE was in the amount of $150,000, earned the Company an interest in one well of the Edson Program and will allow the Farmor to tie-in that well. This well produced oil from 1983 to 1999 at which time it was shut-in due to the prohibition on flaring in the area. The second AFE was for $30,000 which will allow the Farmor to clean up and flow test a second well, which after testing may be completed and tied-in.

The Company has the option to continue participation in the Edson Program on a well by well basis to earn a maximum of 9 quarter sections. The balance of the Edson Program involves completing and possibly tieing-in a third well and drilling a fourth well.

Forward Looking Statements

This news release contains statements about future events that are forward looking in nature and are subject to certain risks and uncertainties such as changes in plans or the occurrence of unexpected events. Actual results may differ from the estimates provided by management. Readers are cautioned not to place undue reliance on these statements.

Contact Information

  • Lands End Resources Ltd.
    Robert L. Pek
    President
    (403) 827-1208