CALGARY, Oct. 15 /CNW/ - NORTHERN SUN EXPLORATION COMPANY INC. (the
"Company") is pleased to announce that it has signed a 5 year extension on its
Land Acquisition and Management Agreement ("Agreement") with the Ka'a' gee Tu
First Nation community (the "First Nation"), to explore for petroleum and
natural gas substances within the First Nation's traditional land base (the
"Lands"). The Company, in partnership with the First Nation and subject to the
rights issuance process, will pursue oil and gas development over the First
Nation's traditional lands, through an agreement designed to provide the First
Nation's people with shared control and management of such resources, and to
generate benefits and revenue from development on their Lands.
The Agreement contains a number of environmental, social, business
development, and economic strategies and components. Where exploration and
development are to take place on the Lands, the First Nation will ensure it
fully participates in the management of; environmental impacts, overall
development disturbances, equity participation and other working alliances
selection. The First Nation is currently undertaking discussions with certain
Governments (the "Governments") in respect of this initiative. Consistent with
the Governments direction towards promoting and assisting the First Nations'
efforts to realize their goals, the First Nation anticipates that its ongoing
discussions will result in a successful outcome in the very near future.
Northern Sun will provide technical and other support to facilitate these
discussions surrounding exploration and development within selected areas of
the First Nation's Lands.
The Lands cover several million acres in the Canadian north. Due to the
1975 Berger Inquiry which resulted in a moratorium on exploration and resource
development throughout the north, it is one of the largest under-explored land
bases in North America and considered to be an extremely oil and gas-rich
basin - several pre-moratorium exploratory wells drilled in the early 1970's
encountered natural gas.
Northern Sun is an Alberta-based exploration and production company with
operations in Alberta, Saskatchewan and the North West Territories.
ON BEHALF OF THE BOARD OF DIRECTORS OF
NORTHERN SUN EXPLORATION COMPANY INC.
President & CEO
This release includes certain statements that may be deemed
"Forward-looking statements". All statements in this release that address
future production, reserve potentials or exploration drilling, are
forward-looking statements. Investors are cautioned that any such statements
are not guarantees of future performance and that actual results or
developments may differ materially from those projected in the forward-looking
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the contents of this news
For further information:
For further information: the Company toll-free at (866) 827-2722, via
email at email@example.com, or visit the Company website at