CALGARY Anderson Energy Ltd. (TSX:AXL), a Calgary-based oilpatch company, says it has signed a farm-in deal with with ConocoPhillips Canada (NYSE:COP) in its core Edmonton Sands project area in central Alberta.

Anderson Energy said Friday the farm-in deal more than doubles the company''s land and exploration prospects in its primary core area.

Anderson said it has identified 445 net drilling locations using its proprietary technology on the farm-in lands.

Under the transaction, Anderson is committed to drill, complete and equip 200 wells to earn an average stake of 65 per cent in the properties.

Anderson''s current production is about 8,500 barrels of oil equivalent per day.

"Although the recent commodity price and economic environment has been weak, we see these times also as an opportunity to pursue attractive transactions that will better position the company for the future," Anderson said.

"The farm-in agreement is one such transaction."

Source: The Canadian Press

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