Oil & Gas
Whitebark to Increase Wizard Lake Position
Whitebark Energy Ltd announced that its Canadian subsidiary Salt Bush Energy has renewed the mineral lease over one section, 256 ha, of its Wizard Lake
Oilfield. The renewal will result in an increase in Whitebark's average interest in the WLO oil and gas rights to 87.5% (previously 84%), pending the outcome of a Right of First Refusal (ROFR) for Whitebark's Joint Venture partner to participate in the renewal. The Company expects its joint venture partner to not participate in the renewal.
SBE now receives 100% of production from Rex-1 until payout, 85% of Rex-2 and 96.6% of Rex-3 until payout.
Ownership of the individual sections in the field ranges from 60% to 100%, and the Company continues to own 100% of the facilities and associated pipelines and operates the field.