Bonanza Oil & Gas, Inc. has entered into an Exploration Agreement on its Apclark Field properties with Blacksands Petroleum Texas, LLC., an affiliate of Blacksands Petroleum, Inc. Bonanza and Blacksands anticipate the drilling of multiple wells to fully develop the Apclark Properties in Borden County, Texas.

The primary objective of this agreement is to further the Company's oil development of the Apclark Field properties in Borden County, Texas.

Bill Wiseman, President and Chief Executive Officer of Bonanza Oil & Gas, Inc., said of the deal, "The Company is excited about the agreement with Blacksands and the anticipation for continued oil development of its proven undeveloped (PUDs) properties in Borden County, Texas. The first well is expected to be drilled in the fall of this year."

Tags: Bonanza Oil and Gas