Austin Signed a Letter to Farm-out 30% of Niobrara Project

Source: www.gulfoilandgas.com 4/29/2013, Location: North America

Austin announces that it has signed a non-binding Letter Of Intent to farm-out 30% of its Pathfinder Niobrara Project in Fremont County. Austin has been working diligently with its new partner over the past 30 days and the first phase due-diligence is now complete.

Under the proposed agreement Austin will:
- Farm-out 30% of its 85% Working Interest in the project
- Will be carried for 100% of the drilling costs of the next 2 horizontal wells that will be capped at USD$12mil
- Pay for drilling costs that exceed $6 million per well ( For Austinís 85% interest)
- Maintain a 55% interest in the project and will remain as the operator of record
Both Companies have entered into a 90 day exclusivity period to complete the second and final phase of due diligence.

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