Blackbird Energy Inc. (TSXV:BBI) announced that Ruger Energy Inc, its wholly-owned subsidiary, has entered into an agreement to purchase 25 sections of Petroleum & Natural Gas Rights from Home Quarter Resources Ltd for a total price of $115,000.
As quoted in the press release:
The assets are comprised of 25 sections of Petroleum & Natural Gas Rights (the “Marengo – Mantario Project“) located near Ruger’s two current oil production facilities in Alsask and the Flaxcombe area of Saskatchewan. The Marengo – Mantario Project is comprised of a total of 16,000 net acres in West Central Saskatchewan. The Acquisition will provide Blackbird with a 100% working interest in 25 sections, at an average cost of $4,600 per section, subject to a 6% GORR in favour of the Vendor and standard crown royalties.