TAMM OIL & GAS CORP (OTC: TAMO) is pleased to provide an update to the Manning Heavy Oil Project.
The company has reached agreements with a private UK Corporation with Major Oilsands Lease holdings in the prospect area and Cougar Oil and Gas Canada Inc. (“Cougar”)(cougf:OTCBB). The private corporation holds 61 sections of oil sands lease adjacent to the TAMM lease holdings.
TAMM and Cougar have terminated their previously announced farmin to negotiate a new agreement with the private Corporation. The private corporation has signed a multi-phase farm-in agreement with TAMM to define and develop TAMM’s 47 section Manning area heavy oil prospect in parallel with the development of the private corporations 61 sections of land in the Manning area.
Cougar will become the “Operator” of the project, be compensated on commercial terms for the work done, and earn 5% working interest on the combined project lands of 108 sections from TAMM and the private corporation after one year.
The company closed at $0.175 after soaring 16.67% in Tuesday’s trading session.
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