Imperial Resources subsidiary Imperial Oil & Gas has entered into an oil and gas lease agreement with the mineral owner of 35 acres and an existing wellbore in Montague County, Texas, US.
The agreement provides for the development of the project lease area and the existing well, Nunnelly #1, as well as the mineral owner’s retention of a 25% royalty interest in the acreage.
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Imperial also has the option, at its discretion, to pay the costs associated with the deepening and completion of the well, or pay for the drilling and completion of a new well.
As works progress, the company may decide on the most cost-effective course, which is to drill a new well to access the project’s potential reserves.
