Black Spruce Exploration, a subsidiary of Foothills Capital, is ready to move forward with its plans to drill 12 exploration wells beginning in September or October, pending regulatory approval.
It has already begun working with provincial and federal regulators and has started work on its environmental assessment, says Black Spruce chief executive David Murray.
To date, Black Spruce has spent C$25 million (US$24 million) in preparation for the drilling programme and anticipates spending between C$50 million and C$75 million this year based on a joint venture agreement it signed with Toronto-based Shoal Point Energy.
“There
