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Published Jun 1, 2009
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Northern Explorations Ltd., Scottsdale, Ariz., (OTCBB: NXPN) has acquired a working interest in a West Texas gas production play from Switzerland-based Dominus Energy AG in exchange for drilling costs of future wells.
The deal involves a 63% working interest (47.5% net revenue interest) in 22 producing gas wells near Ozona in Crockett County encompassing 9,000 acres. Northern Exploration will pay 100% of the cost of drilling and completion of 20 wells in exchange for its interest.
Northern Exposure has majority working interests in gas assets in California and Alberta.
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