Mr. Malcolm Todd reports
STONEHAVEN CORPORATE UPDATE
Stonehaven Exploration Ltd. has entered into a farm-out and participation agreement to initially drill up to four horizontal Belly River oil well prospects with working interests averaging approximately 65 per cent BPO/35 per cent APO in five sections of land in central Alberta. The farm-out and participation agreement also provides for an area of mutual interest covering an additional two sections of land. The first location is expected to spud on Oct. 10, 2015.
The participation in these wells is expected to enable the company to meet its $3.4-million flow-through obligations in 2015.
The company also reports that the Alberta Court of Queen's Bench has approved the settlement of the class action proceedings involving the company, the details of which are set out in the company's news release dated July 10, 2015, and available on the company's profile at SEDAR.
Further information relating to Stonehaven is also available on the company's website.
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