Anglo Canadian Oil has signed a Pooling-Farm-in Agreement with Quatro Resources.
According to the pooling agreement, Anglo will offer five sections of the potential Nordegg bearing lands and Quatro will offer seven sections of the potential Nordegg and Montney bearing lands. Quatro will continue to have a 70% working interest in the pooled lands and the remaining 30% will be held by Anglo. All lands belonging to Anglo and Quatro are contiguous and are located in the Ante Creek North region of west central Alberta. Anglo also gets Montney, a second target, to drill at little or no extra drilling cost.
Anglo will drill one Montney-Nordegg land at the original Quatro acreage and therefore can earn a 75% working interest in the four sections of the pooled lands. The company considers two option wells in this agreement. When Anglo drills the first option well, it will earn a 75% working interest in the three additional sections of the lands and in the second option it earns 75% working interest in the remaining pooled lands.
It is anticipated that this well will be spud in August. The company has also drilled and cased the Dodsland 6-22 and 4-29 wells and completed the 6-22 well.