Doesn't look like that has any bearing on what they are proceeding with now. The 10Q talks about an APPROVED project.
And that application is on the 90 per cent lands where they applied for modification. The approved project is on the 50 per cent lands (12 sections) with Andora where M and P is farming in. So looks like they are ready to go without any need of further government approval: When the approval finally comes on the project on the 90 per cent lands, they will have TWO demo projects eligible on their lands.
17. Subsequent Events
On July 30, 2013, the Company entered into a Steam Assisted Gravity Drainage demonstration project (“SAGD Demonstration Project”) Agreement with the Company’s joint venture partner Andora Energy Corporation to participate in a recently AER (as defined below) approved SAGD Demonstration Project on the Company’s 50% owned oil sands properties located in North Central Alberta, Canada (also known as the Sawn Lake heavy oil reservoir), whereby the Company will initially pay CDN $12,073,512 for its initial share of the costs of the SAGD Demonstration Project.
On July 31, 2013, the Company entered into farmout agreement (the “Farmout Agreement”) with MP West Canada SAS (“Farmee”), a wholly owned subsidiary of Maurel et Prom, to fund the Company’s share of a recently approved Alberta Energy Regulator (“AER”) SAGD Demonstration Project at the Company’s Sawn Lake heavy oil reservoir in North Central Alberta, Canada. In accordance with this Farmout Agreement the Farmee has agreed to provide up to $40,000,000 in funding for the Company’s portion of the costs for the SAGD Demonstration Project, in return for a net 25% working interest in 12 of the 68 sections where the Company has a working interest of 50%. On July 31, 2013, and as required by the Farmout Agreement, the Farmee deposited into trust with the Company's legal counsel, the amount of CDN $12,103,512.00 to pay for the Company’s initial share of the costs for the SAGD Demonstration Project.
