49 North Resources Inc. (TSXV: FNR), announces that Allstar Energy Limited, a 100% owned subsidiary of 49 North, has acquired additional heavy oil lands in West Central Saskatchewan.
Ashley Drobot, President of Allstar, reports that Allstar has acquired an additional 16,000 acres of highly prospective heavy oil lands through purchases from third party producers. Included in the acquired land positions are 8,961 acres which were part of an asset sale transaction in which Allstar acquired facilities along with shut-in Viking gas production in the heart of the Bayhurst Viking gas area.
After the acquisitions, the Riverside lands located in the vicinity of Leader, Saskatchewan now total 31,360 acres, inclusive of the 15,360 acres acquired in Crown sale in October 2011.
In aggregate, Allstar now owns or has exclusive exploration and development permits covering approximately 58,000 acres of highly prospective Viking oil, Viking gas and heavy oil lands all located in West Central Saskatchewan.
The Vancouver, British Columbia-based company's mostly contiguous land base at Chambers-Ferrier now totals 25 sections (16,000 gross acres) with an approximate average working interest of 79.5% in 16 of the 25 sections and varying interests in nine (9) wells.
Darden will remain on the board as a director and chairman emeritus. He will continue as an employee of the company through the end of the year, focusing on strategic transactions including the pursuit of a joint venture in the Horn River Basin in British Columbia.