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Ryland Acquires Additional Crown PNG Licenses
Jun 13, 2008 12:09PM
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 13, 2008) - Ryland Oil Corporation (TSX VENTURE:RYD) is pleased to announce that it has acquired a 100% working interest in additional Saskatchewan crown petroleum and natural gas licenses covering 45,980 gross and net acres of land. The licenses are located in southeast Saskatchewan and are adjacent to Ryland's current acreage. The acquisition has increased the Company's total gross and net holdings in southeast Saskatchewan and North Dakota to approximately 360,000 acres. Ryland's additional acreage was acquired at a cost of approximately CDN$7.4 million, or $161 per acre.
Said Dick Findley, Chairman of Ryland: "We are very pleased to have been the successful bidder on this additional acreage. Our average cost per acre for our holdings in southeast Saskatchewan now stands at approximately $84. The average cost per acre of licenses sold in southeast Saskatchewan in the June 9, 2008 Crown sale in the vicinity of the Company's existing lands was $467 per acre. One block of 22,000 acres was purchased for $37,000,000 or around $1,700 an acre. Considering the high level of Bakken drilling activity resulting in new production in the area and the dramatic rise in prices being paid for acreage, we feel we are in a very enviable position."
Ryland is currently preparing applications for permits to drill 5 horizontal wells to test the Bakken Formation and 8 wells targeting additional zones in various locations on its southeast Saskatchewan acreage. The Company expects to commence this next phase of its drill program in late July, 2008.
RYLAND OIL CORPORATION
Gerald J. Shields, President
Issued and Outstanding: 161,929,906
FOR FURTHER INFORMATION PLEASE CONTACT:
Ryland Oil Corporation Mr. Ken Tangen Investor Relations (604) 639-4474 or 1-877-811-4518