PETROMIN INCREASES WORKING INTEREST IN A FROG LAKE WELL
Tuesday, 29 January 2013
Petromin Resources Ltd. (PTR.V) is pleased to announce that it has completed an agreement dated January 24, 2013 with original farmee to purchase for the sum of one Canadian dollar ($1) and for other good and valuable considerations its 40% working interest in well 100/07-17-057-03W4/00 and lands: Twp 57 Rge 3W4M Quadrant A of Lsd 7 of Section 17 (Petroleum in Mclaren). This increases Petromin’s working interest from 60% to 100% in the above noted well and lands. Petromin operates three wells at Frog Lake and retains a 45% and 40% working interest in the 200/07 and 300/07-17-057-03W4/00 wells and lands respectively. A fourth drilling location has been identified and the Company anticipates farming out the drilling of this fourth location.
Petromin’s core Canadian properties are strategically located in Central Alberta (Morningside, Redwater, Frog Lake and Gilby)
Petromin is believed to be the only Canadian junior public company listed on the TSX Venture Tier One Board (PTR.V) to have an interest in China’s Massive Coalbed Methane (“CBM”) / Shale Gas Production Sharing Contracts (“PSC”). Petromin’s interest is held through its current 22.28% ownership in Terrawest Energy Corp. (“TWE”). The PSC was acquired by TWE in December 2005 after completing a coal study of all China, the Southern Jungar Basin in N.W. China’s Xinjiang Province was handpicked for the 653 square kilometer PSC.