Jumbo Enters Into Letter Agreemment With Devon Energy.TORONTO -- To Acquire Working Interest in the Custer Mountain Prospect in Lea County, New Mexico Lea County is a county located in the U.S. state of New Mexico. As of 2000, the population was 55,511. Its county seat is Lovington6. Geography According to the U.S. Census Bureau, the county has a total area of 11,380 km² (4,394 mi²). and a Participating Interest in Keller"4" State Com #1 Well Jumbo Development Corporation ("Jumbo") (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:JBO JBO Jodrell Bank Observatory JBO Junior Boys Own (record company) JBO Jerusalem Bird Observatory JBO Joint Back Office (stock trading) JBO James Blast Orchestra (band) ) wishes to announce that Jumbo's United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. operating subsidiary, Jumbo American Petroleum Corporation ("JAPC JAPC Japan Atomic Power Co. JAPC Joint Air Photo Center JAPC Just Another Proxy Client "), has executed a Letter Agreement with Devon Energy Production Company, LLP LLP - Lower Layer Protocol ("Devon Energy") concerning the purchase of a working interest in the Custer Mountain North Unit and West Block of the Custer Mountain Prospect located in the Permian Basin in Lea County New Mexico and a participating interest in the Keller "4" State Com #1 well located within the Custer Mountain North Unit. This will result in JAPC holding an approximate 10 % interest of the gross acreage of 5,230 acres and a 23,28% working interest Before Payout and, subject to certain conditions a 20,67% working interest After Payout in the Keller "4" State Com #1 well. Custer Mountain North Unit and Area of Mutual Interest Pursuant to the Letter Agreement Devon Energy will assign JAPC an undivided 12.5% of its approximate 86 % interest in the Custer Mountain North Unit and an undivided 12.5% of its 100% interest in the West Block. JAPC will acquire this approximate 10% interest of the gross acreage of 5,230 acres at a cost of US$ 525,636. The Custer Mountain Prospect is located in the Permian Basin in Lea County, New Mexico, approximately 30 kilometers north of JAPC's existing production at its Madera Lease Property, Lea County, New Mexico. Keller "4" State Com #1 well The Keller "4" State Com #1 is located in the western half of Section 4 of the Custer Mountain North Unit and pursuant to the Letter Agreement JAPC will acquire an approximate 23,28% interest Before Payout and, subject to certain conditions, a 20.67% working interest After Payout. The Keller "4" State Com #1 well will test the Atoka / Morrow Formations at an approximate depth of 14,500 feet, with the estimated Dry Hole cost to JAPC of US$ 700,000 The Keller "4" State Com #1 well was spudded on December 25th, 2005 The Letter Agreement is subject to the execution of an operating agreement and an exploration and development agreement. Jumbo is a junior oil and gas exploration, development and early stage production company focused on the Permian Basin in New Mexico and West Texas, United States of America UNITED STATES OF AMERICA. The name of this country. The United States, now thirty-one in number, are Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, New Hampshire, . Shares Outstanding: 55,365,992 The TSX VENTURE EXCHANGE TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept resp onsibility for the adequacy or accuracy of this release. Jumbo Development Corporation (TSX VENTURE:JBO) |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion