Cold Lake First Nation, Golconda enter joint venture

Cold Lake First Nation’s oil and gas company Tri-Rez Ebay Energy Ltd. has entered a joint venture agreement with Golconda Resources Ltd. and a private oil company based in Calgary to conduct oil and gas exploration and development on approximately 1,440 acres of First Nations lands. The joint venture will see a 10-well work program over a period of three years, which will consist of the drilling of a minimum of three wells prior to the end of first year of the lease, a minimum of four additional wells prior to the end of second year and a minimum of three additional wells prior to the end of third year of the lease. Tri-Rez Ebay Energy’s partners will each earn a 25 per cent working interest in each successfully drilled or abandoned well.