PAN - TSXV
CALGARY, Aug. 8 /CNW/ - PanTerra Resource Corp. (The "Company") wishes to
report that in order to remain focused on its shallow gas potential covering
its 1.1 million acres (gross) in Saskatchewan, it and its 50% partner have
reached an agreement with Endeavor Energy Corp. and Ranchmans Resources Ltd.
whereby Endeavor and Ranchmans (together the "Optionee") have agreed to a
'Seismic Option' focused on the 'deeper rights' within the Company's
Saskatchewan land base.
The agreement calls for the optionee to commit to a minimum expenditure
of $500,000 on a seismic program on Company lands prior to year end, at which
time the optionee shall elect to either commit to shoot an additional $500,000
seismic program on these lands or elect to drill a deeper well on these lands
at a location of its choice. PanTerra and its partner will retain a 10% GORR
on all of the deeper rights on these lands and have the option to participate
in the drilling of any deeper test up to a maximum 20% working interest. All
monies spent by the optionee will go towards any yearly work commitments of
the Company under applicable government regulations and the optionee, once
having earned in the lands, will pay its share of the yearly rental fees.
Earning will be as per Saskatchewan Government license regulations as to depth
PanTerra Resource Corp. is an Alberta-based resource company focused on
the exploration and development of unconventional shallow and shale gas. The
Company holds three exploration permits and four licenses for a total of
1.1 million acres (550,000 acres net) on four properties in the province of
Saskatchewan. PanTerra trades on the TSX Venture Exchange under the symbol
"PAN". Further information can be found at www.panterraresource.com.
The TSX Venture Exchange has not reviewed nor accepts responsibility for
the adequacy or accuracy of the contents of this news release.
For further information:
For further information: Fred P. Rumak, P.Geol., President and C.E.O. at
(403) 261-5900, Email: firstname.lastname@example.org or Herve B. Collet, V.P.
Operations/C.O.O. at (403) 261-5900, Email: email@example.com