Tamm Oil and Gas Corp. (TAMO.OB) announced that the Company has entered into a definitive agreement to purchase the Gross Overriding Royalty Rights in Canada from a separate entity. Per this agreement, the selling entity has agreed to transfer all GORR interest for 4,000,000 shares of Tamm Common stock.
The Gross Overriding Royal Rights is a specific royalty that will grant Tamm a continuous revenue source of approximately 2% from every barrel of oil sold in the Sawn Lake Region of Northern Alberta. Tamm has also signed a Letter of Intent between the Company and 1132559 Alberta Ltd. (1132559). This Letter of Intent has been signed to further enhance Tamm’s presence in the Sawn Lake Region by utilizing varying technology currently deployed by 1132559.
Sean Dickenson, President & CEO of Tamm, stated “The GORR and 1132559 Alberta Ltd. acquisition allows Tamm to immediately jump into the fast moving Oil Sands play in Alberta along with many of the top oil & gas companies from around the world. With the 1132559 Alberta Ltd. transaction completed, the newly-formed Tamm Oil and Gas Corp. will become a sizable stake holder in the prolific Oil Sands Region of Alberta almost overnight. The Tamm interest is located in what many experts are calling one of the largest and most promising petroleum producing fields ever discovered in the world. In fact, an analyst report by a qualified independent engineering analyst predicts that the Sawn Lake Oil Sands Project holds estimated resources of 819.5 million initial barrels of oil in place.”
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