In August 2009, Nalcor Energy - Oil and Gas announced it had acquired an average 67 per cent working interest in three onshore exploration permits in Parsons Pond. Nalcor acquired its working interest from Leprechaun Resources Ltd. and as Operator with its joint venture partners, will drill three wells in its first onshore drilling program. The Western Newfoundland Parsons Pond prospects include three exploration permits covering 103,000 acres.

In addition to Nalcor Energy, there are four other project partners with varying holdings in the three permits: Leprechaun Resources Ltd.; Deer Lake Oil and Gas Inc.; Investcan Energy Corporation; and Vulcan Minerals Inc.

In May 2010, Nalcor announced that the first well of the Parsons Pond Drilling Program, Nalcor et al Seamus, which was started on February 16, 2010, reached the planned total drilling depth of 3,160 meters.

Nalcor's main operational objective was to gain information from this well which will allow further insight and assessment of the geology and thus of the petroleum potential of this area. The information obtained to date has already advanced our understanding of this basin

We also continue to invest in the local area throughout the Parsons Pond project. To date, we've invested over $1.6 million in local and provincial goods and services and the majority of the rig crew are from the local area.

Nalcor Energy - Oil and Gas is now preparing for the drilling of the second well of the planned three well program. It is anticipated that the drilling of Nalcor et al Finnegan will commence summer 2010.

Nalcor will require some products and services during the exploration stage. For information on Nalcor's current procurement needs please click here.