CaiTerra International Energy Corporation has completed the drilling of a title preserving well on its property in the Faust area of north central Alberta.

The Faust Property is located just north of the prolific Swan Hills oil field and west of Black Pearl Resources Inc.'s Mooney producing oil property and south of the Town of Slave Lake. The lands forming the Faust Property are Crown leases with varying expiry dates. The Faust Property comprises approximately 18,600 gross acres (approximately 30 gross sections) of lands of interest that are not subject to expiry for the next 3 years and a further 3,840 gross acres (6 contiguous sections) of lands of special interest that had been continued through to the end of April 2013.

By drilling the well, title to the 6 sections of lands of special interest will be preserved for an additional five years. The drilling was undertaken to not only hold these 6 sections of land in good standing, but also to test for the presence of the "Bluesky Sand sweet oil zone" which has been identified as an economic oil producing zone in the Mooney producing oil property located to the east of the Faust Property.

Tags: CaiTerra International Energy Corporation