International TME Resources Inc. (OTC: ITME) has entered into a contract with a private company to acquire a 50% working interest in a 6.7 million acre oil and gas permit located in the onshore Georgina Basin in Queensland Australia.
The permit area contains the Arthur Creek Shale which is geologically superior to the Bakken Shale. The Williston Basin Bakken Shale play is now the largest oil play in the United States. Reserves have recently been estimated as high as 24 Billion barrels of oil.
A recent Petroleum Consultants Report for the Georgina Basin Arthur Creek Shale indicates oil reserves substantially greater than the Bakken Shale in the Williston Basin.
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