Gold Coast Mining Corp. (OTC Pink: GDSM) today confirmed its working interest, in conjunction with investor Bubblin Crude, LLC, into the Tiger Development oil field project located in Kalkaska, Michigan.
Under its agreement, the Company was able to secure its interest through an existing large investor, Bubblin Crude LLC., with who Gold Coast Mining Corp and its executives have had a long-standing relationship, with Bubblin Crude, LLC covering the initial investment cost. To date, the Company has closed a 2% working interest in the project, with an agreement to increase its interest to 5% in the coming weeks.
The operator and developer is Tiger Development LLC which is drilling a 4,740 foot vertical depth well in Section 13-T25N-R6W, Garfield Twp., Kalkaska Co., Michigan. The well is situated on over 1,100 acres of land controlled by Tiger Development, in which the Company also has a lease interest, and from an economic perspective is projected to produce 50-60 barrels a day once in full production.
Production on this new oil well is expected to begin as early as September, with updated reports expected shortly.
Michael Shea, the CEO of Gold Coast Mining Corp commented, We are very excited to confirm our first working interest and partnership on the Tiger Development oil well project, and can confirm this agreement has been settled through our investment partner, with funds now released to begin development on this well as soon as possible.