September 05, 2014 12:42 ET
CALGARY, ALBERTA--(Marketwired - Sept. 5, 2014) - Sonde Resources Corp. ("Sonde") (TSX VENTURE:SOQ)(NYSE MKT:SOQ) announced today that Journey Energy Partnership ("Journey") has earned four sections (2,560 acres) of mineral rights from Technec Petroleum Ltd (a wholly owned subsidiary of Sonde) by completing terms of a farm-out agreement.
Journey has earned Technec's interest in the following lands:
TWP 59 Range W5M Section 34
TWP 60 Range W5M Section 2, 3, and 14
Journey earned this acreage by drilling and completing the 100/10-10-060-14W5M/00 horizontal well (more information on this well to follow in the Journey press release). Under the deal terms, Technec has assigned 100% working interest to Journey in the four section parcel in return for a Gross Over-riding Royalty Interest ("GORR") in the Technec lands, plus the drilling and completion records from the Journey well. For further clarity, Technec will not receive a GORR from the Journey well, but is entitled to a GORR on any well(s) drilled in the future on the immediately-adjacent Technec lands. Technec also gained valuable information from the test which may prove important to future operations and / or monetization efforts.
Following the farm-out, Technec (Sonde) has about 44,490 net acres remaining in the Duvernay oil play and is currently marketing that interest. Please see maps below for a description of this concept.
Sonde Resources Corp. is a Calgary, Alberta, Canada based energy company engaged in the exploration and production of oil and natural gas. Its undeveloped operations are located in Western Canada and offshore North Africa. See Sonde's website at www.sonderesources.com to review further detail on Sonde's operations.
To view the maps associated with this press release, please visit the following link: http://media3.marketwire.com/docs/Sonde-Resources-Sept-05-2014.pdf.
Sonde Resources Corp.Kurt A. NelsonChief Financial Officer(281) 928-9659Sonde Resources Corp.P.O. Box 65161 North Hill N.W.Calgary, Alberta, Canada T2N 4T6www.sonderesources.com
See all RSS Newsfeeds