Armada Oil, Inc. (the “Company”), an oil and gas exploration and production company, announced that it has entered into a Third Amendment to its Seismic and Farm-Out Option Contract with Anadarko Petroleum (the “Anadarko Contract”).
The amendment extends the time for the Company’s commencement of drilling of the initial test well under the Anadarko Contract until July 31, 2014 (previously December 31, 2013). In addition, the Company will have a period of 180 days from the date that the contract depth is reached in the initial test well to commence drilling of the second well to be drilled on the farm-out acreage, regardless of well type. This change will allow a more reasonable period of time for analysis of the data from the initial test well.
“Great progress has been made in our evaluation process and a location for the initial test well has been tentatively selected,” said Randy M. Griffin, CEO of Armada Oil, Inc. “However, it is vitally important that we have sufficient time to evaluate all potential producing zones, to properly plan for multiple potential outcomes and to be sure we have selected the best possible location, not only with respect to the Niobrara Shale but also the deep conventional zones. These changes to the Anadarko Contract will allow us to go about these activities in an orderly manner and to use the winter months in Wyoming to our advantage.” added Mr. Griffin
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