Spruce Ridge Resources Ltd. announced that Spruce Ridge Oil & Gas Inc. a 100% owned subsidiary has signed a Letter of Intent with Original Oil Inc., under which OOI will acquire 50% of the 4-section (1,036 hectares) lease near Unity, Saskatchewan, and 10 oil wells (of which 8 are now shut in) held by Spruce Ridge Oil & Gas Inc. OOI is a Lloydminster-based, seasoned, successful oilfield operator in the area. OOI will become the operator and, at its own expense, will repair and rehabilitate all of the shut-in Unity wells with a view to reducing the high level of water incursion that has been an ongoing problem for SRO&G. Highlights of the agreement are: As part of the agreement, OOI will assume liability for closure, and SRO&G will be able to claim a refund of the $554,630 security deposit that it paid under the Saskatchewan LLR program when it originally acquired the Unity leases; OOI will use its experience, local expertise and local connections to service, repair and rehabilitate all 8 of the shut-in wells at its own expense. These expenses will be paid back from Monthly Net Revenue generated from these wells; OOI will pay SRO&G $250,000, to be paid by dividing Monthly Net Revenue 75% to SRO&G and 25% to OOI, until SRO&G is paid out, after which MNR will be divided 50/50.
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- Spruce Ridge Resources Ltd. Announces Acquire 50% of the 4-Section Lease Near Unity, Saskatchewan, and 10 Oil Wells (Of Which 8 Are Now Shut In) Held by Spruce Ridge Oil & Gas Inc