26 Jan 2011drilling progress report● Neutral
Imperial Oil & Gas signed a Farmout Agreement, conditional on a satisfactory title check, to drill one to four infill wells in the Sawyer Field, Lea County, New Mexico (the 'Stateline' project). It pays a $60,000 spud fee and earns a 77% net revenue interest in 40 acres per well, with the assigning party keeping a 10% working interest in each well. Drilling on the first well must start within 270 days.