DeeThree Exploration Ltd. has reached its targeted 2012 exit production rate of 6,000 boe/d based on field estimates. In addition, DeeThree has recently drilled two wells that are expected to be producing by the end of 2012 or early 2013 at significant rates.

DeeThree report it has entered into a farm-in agreement with a senior oil and gas producer pursuant to which it may earn a 100% working interest in up to 34 additional sections of Belly River petroleum and natural gas ("PNG") rights directly offsetting DeeThree's existing core Brazeau Belly River property. DeeThree has committed to drill a minimum three horizontal wells on the farm-in lands with a continuing rolling option thereafter in return for a 15% non-convertible overriding royalty.

Tags: DeeThree Exploration Ltd