Wolf Wiese, President of Super Nova Petroleum Corp., (the "Company" or "Super Nova" or "SNP") reports that an agreement has been reached with BNV Energy LLC (the "BNV") of Huston Texas to sell approximately 2964 acres of its wholly owned Milford East Land for US $66,700 in cash, $35,000 upon signing and $31,700 to be paid on July 16th, 2014.
This acreage is contiguous to the south of the Company's Milford Colony farm in lands in Lewis and Clark County on the Alberta Bakken Fairway in Northwest Montana.
BNV has committed $1,500,000 to drill two gas wells and build a gas gathering system on the lower 5,000 acres of the Milford colony Farm in lands, in which Super Nova is farming in to a 80% working interest. The first gas well is to be spudded no later than Sept. 30th, 2014. BNV will carry Super Nova to 40% working interest. Once BNV has drilled the two gas wells to depth 3,000 - 4,000 ft., and in case of commercial gas production, BNV will build a gas gathering system and will have earned a 60% working interest in the subject acreage. The Company looks forward to working with BNV.
The Company is planning to drill to the Bakken formation on its Milford Colony 13-11 well. This well has been drilled and cased to 880 ft. and can be re-entered to drill to 9,000 ft. to the Bakken formation.
The Company is currently soliciting financing for its Bakken project as well as the McAffee well in the Austin chalk in Frio County, Texas.
Referring to the drilling of the gas wells above, this resource may not be found. If found, this may not be commercially viable.
On behalf of the Board of Directors:
SUPER NOVA PETROLEUM CORP.
Wolf Wiese, President