Rara Terra Minerals Corp. has reportedly acquired a 75% working interest in oil and natural gas leases in Trego County, KS, for $393,750.
John Veltheer, director of Vancouver-based Rara Terra, told NGI’s Shale Daily on Tuesday that the transaction involves 160 acres overlying the Kansas City-Lansing formation, which sits above the Mississippian Lime formation.
According to a report in Midnight Trader, Rara Terra called the acquisition “an effort to enhance shareholder value over the winter while seasonal factors prevent the company from pursuing exploration activities at its mineral projects in British Columbia.” The company said it paid $37,031.30 in stock to undisclosed individuals as a finder’s fee for the deal.
Rara Terra added that it was waiting for an independent evaluation of its recently completed geophysical surveys for its Xeno Rare Earth project in northern British Columbia.
The company holds 14,909 hectares (57.6 square miles) rich in alkaline igneous rocks in the Kechika Rover-Terminus Mountain area for the Xeno project, as well as 2,479 hectares (9.6 square miles) rich in niobium in north central British Columbia for its Lonnie Rare Earth project.
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