By OGJ editors
HOUSTON, Oct. 25 -- Brownstone Ventures Inc., Toronto, plans to buy a 2% participating interest from Savant Resources LLC, private Denver independent, in 366,973 net acres in the Columbia River basin in Oregon for $1.7 million.
Savant owns rights and interests in and to an undivided 75% interest in the leasehold that runs for 10 years, making Brownstone's interest 1.5%.
Savant and Brownstone will enter into an area of mutual interest agreement that expires on June 30, 2009, covering the area that surrounds the Columbia River basin project.
EnCana Corp., Calgary, is drilling and evaluating three planned 14,000-ft wells in Grant and Yakima counties, Washington. They are the Anderville Farms-1, Anderson 11-5, and the upcoming Brown-7.
The wells represent a significant industry commitment to establish commercial natural gas production inthe expanding Pacific Northwest and West Coast energy markets, Brownstone said.