Solara Exploration Ltd.
TSX VENTURE : SAA.A
TSX VENTURE : SAA.B

Solara Exploration Ltd.

June 09, 2010 09:15 ET

Solara Exploration to Drill Cardium Oil Prospect With Limited Partnership

CALGARY, ALBERTA--(Marketwire - June 9, 2010) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR TO US PERSONS.

Solara Exploration Ltd. (TSX VENTURE:SAA.A) (TSX VENTURE:SAA.B) ("Solara" or the "Company") is pleased to advise that it has entered into a Farmout Agreement (the "Farmout Agreement") dated June 1, 2010 with the Pembina Cardium Limited Partnership ("Partnership"). The Farmout Agreement provides for the farmout by Solara of certain interests in a Cardium oil prospect located in the Pembina area of western Alberta on standard industry terms and conditions. The General Partner of the Partnership, in cooperation with Solara, will undertake the drilling of a horizontal well on the farmout lands on behalf of the Partnership. Pursuant to the Farmout Agreement, the Partnership will spend up to $1,000,000 on the drilling and completion of the horizontal well. Solara will also invest funds in the drilling of the well which the parties anticipate will be commenced in the latter part of July, 2010, subject to regulatory approval and surface access.

About Solara Exploration

Solara Exploration is a publicly traded junior oil and gas company focused on the exploration, development and acquisition of oil and natural gas in Western Canada.

50,117,937 Class A Shares

986,700 Class B Shares 

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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Solara Exploration Ltd.
    Donald R. Holding
    President and Chief Executive Officer
    (403) 537-0458
    (403) 537-0462 (FAX)
    don_solaraexploration@shaw.ca
    or
    Solara Exploration Ltd.
    1800, 444 - 5th Avenue S.W.
    Calgary, Alberta, Canada T2P 2T8