Vecta Energy Corporation is pleased to announce that it has signed a Letter of Intent to enter into a Joint Venture  with a non-arm's length party, to participate in the Exshaw/Bakken light oil resource play in northern Montana.

The partner's leasehold interests under approximately 90,000 acres of lands will be assigned to the JV, which are deemed prospective for multiple objectives including the Exshaw/Bakken (the "JV Play"). The JV partner is active in the exploration and development of projects in multiple basins in the Rocky Mountains and other regions within the United States. A number of Canadian and U.S. companies are actively pursuing the Exshaw/Bakken light oil play that extends south from the Alberta/Montana border. Vecta will manage the JV from its Calgary office and the technical team from the JV partner will be responsible for the operations, including all engineering, land, geological and geophysical functions in the evaluation and development of the JV Play. The parties will proceed with the preparation of a formal Joint Venture Agreement and Vecta will seek funding for an aggressive work program, expected to commence in early 2011.
Source: Digital Journal

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