Under the agreement, CAVU Resources will drill ten new wells in the acreage which has proven coalbed methane gas opportunities.
Precision CEO and President Richard Porterfield said the project offers an opportunity to acquire substantial oil and gas reserves in the area.
The Montana prospect which consists of 1600 acres, will help Precision Petroleum to continue developing their oil and gas properties in Oklahoma, US.
The company currently owns interest in over 26 producing properties and is in negotiations to acquire new oil and gas prospects in Oklahoma.
