Northern Sun extends land acquisition & management agreement
TSX-V: NSE CALGARY, Oct. 15 /CNW/ -
NORTHERN SUN EXPLORATION COMPANY INC. (the "Company") is pleased to announce that it has signed a 5 year extension on its Land Acquisition and Management Agreement ("Agreement") with the Ka'a' gee Tu First Nation community (the "First Nation"), to explore for petroleum and natural gas substances within the First Nation's traditional land base (the "Lands").
The Company, in partnership with the First Nation and subject to the rights issuance process, will pursue oil and gas development over the First Nation's traditional lands, through an agreement designed to provide the First Nation's people with shared control and management of such resources, and to generate benefits and revenue from development on their Lands.
The Agreement contains a number of environmental, social, business development, and economic strategies and components.
Where exploration and development are to take place on the Lands, the First Nation will ensure it fully participates in the management of; environmental impacts, overall development disturbances, equity participation and other working alliances selection.
The First Nation is currently undertaking discussions with certain Governments (the "Governments") in respect of this initiative.
Consistent with the Governments direction towards promoting and assisting the First Nations' efforts to realize their goals, the First Nation anticipates that its ongoing discussions will result in a successful outcome in the very near future.
Northern Sun - will provide technical and other support to facilitate these discussions surrounding exploration and development within selected areas of the First Nation's Lands.
The Lands cover several million acres in the Canadian north.
Due to the 1975 Berger Inquiry which resulted in a moratorium on exploration and resource development throughout the north, it is one of the largest under-explored land bases in North America and considered to be an extremely oil and gas-rich basin - several pre-moratorium exploratory wells drilled in the early 1970's encountered natural gas.
Northern Sun - is an Alberta-based exploration and production company with operations in Alberta, Saskatchewan and the North West Territories.
This release includes certain statements that may be deemed "Forward-looking statements". All statements in this release that address future production, reserve potentials or exploration drilling, are forward-looking statements. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the contents of this news
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