RE: Valuation20 Oct 2022 11:57
Late in Q122, the Company reached an agreement with the Bureau of Land Management of the Department of the Interior for a minimum yearly drilling program to satisfy leasehold drilling obligations. This obligation from March 31, 2022 to March 31, 2023, and subsequent 12-month periods, is for the drilling of a minimum of 3 vertical or 2 horizontal wells. It is the Company's intention to drill at least 2 horizontal wells by March 31, 2023 into the Upper Cretaceous Frontier Formation to satisfy this requirement.