The company signed a lease acquisition and development agreement to pay an initial $10 million for the land.
Sundance will then pay two separate payments of $7 million each.
The term of the lease agreement is two years, with a one-year extension of $500 per acreage.
This agreement takes Sundance’s total position in McMullen county to about 160 gross drilling locations.
A two-rig horizontal drilling programme is under way at the project.
The
