Petromin Resources Ltd. to Drill Additional Development Well at it's Redwater Property
Monday, 03 December 2007
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 3, 2007) - Petromin Recourses Ltd. (TSX VENTURE:PTR) announces that it will participate in additional development drilling on properties it retains in the Redwater Area of Central Alberta. The Company has drilled six successful oil wells on the lands to date. The Company has a 50% working interest (W.I.) in the lands to be drilled and will participate with a direct 25% W.I., while farming out it's additional 25% W.I. to retain a gross overriding royalty before payout with the option to convert to a 12.5% W.I. after payout (i.e. a total 37.5% W.I. after payout) in the new location (01 - 36 - 55 - 20W4). This location directly offsets a Husky well (00 - 13 - 30 - 55 - 20W4/02) to the south east (with reported current daily production averaging over 70 barrels of oil /d. The company anticipates spuding this seventh Redwater well before year end.
Petromin also wishes to announce further to it's Oct. 4 /07 news release re Frog Lake, that the Company is awaiting clarification from Indian Oil and Gas (IOGC) regarding a pending royalty reduction application from Frog Lake Energy Resource Corp. (FLERC), before commencing with the drilling of it's fourth location on the Company's Frog Lake lands.
On behalf of the Board of Directors of Petromin Resources Ltd.
Dr. A Ross Gorrell, Co-Chairman and President