Nakoda Stoney Nation signed agreement with Hong Kong-based Huatong Petrochemical Holdings Ltd.
CALGARY—A First Nation says it has signed a deal with a Chinese company to explore and develop oil and natural gas on its land near Calgary.
The Nakoda Stoney Nation says it has signed an agreement with Hong Kong-based Huatong Petrochemical Holdings Ltd.
Under terms of the deal, Huatong is to provide the funding and Nakoda Oil & Gas Inc. is to be the primary operator of the joint venture.
The Stoney reserve at Morley is about 60 kilometres west of Calgary.
The First Nation says the Jumping Pound gas field has produced significant quantities of natural gas since 1951.
The Nakoda Stoney Nation includes members of the Bearspaw, Chiniki and Wesley bands.