Project Profile
Location: North of the prolific Swan Hills oil field
Area: 124 sq km
Start-up Year: -
The Faust Property is located just north of the prolific Swan Hills oil field and west of Black Pearl Resources Inc.\'s Mooney Pool producing oil property and south of the Town of Slave Lake in the Faust area of north central Alberta. CaiTerra International Energy Corporation is the operator of the field. The Faust Property was acquired by CaiTerra on December 14, 2012 for a total cash payment of US$2,500,000. On February 4, 2013, CaiTerra sold a 25% interest in the Faust Property to Western Lion Resources Ltd. (Western Lion) for a cash payment of US$1,000,000. At the time of spudding the drill, Western Lion had not exercised its option to buy an additional 25% interest in the Faust Property and, as a result, Western Lion maintains a 25% interest and CaiTerra maintains a 75% interest in the Faust Property. Western Lion has provided CaiTerra with its 25% share of the costs for drilling the well. The planned drill depth is estimated around 955 metres.
Operators:
CaiTerra International Energy Corporation: Operator with 75% interest
Western Lion Resources Ltd.: 25% interest