UPDATE 1-Emerge Oil to buy interest in Saskatchewan lands

Mon Jul 19, 2010 12:51pm EDT

* Enters into farm-in agreement with private co

* Says land located near Greater Lloydminster operations

July 19 (Reuters) - Canada's Emerge Oil & Gas Inc EME.TO said it entered into a farm-in agreement with a private company to buy an interest in certain oil prospective lands, located near Emerge's operations in the Greater Lloydminster area of Saskatchewan.

The deal would give Emerge access to about 24,640 net acres or about 38.5 net sections of undeveloped land, prospective for production of Mannville heavy oil, the company said in a statement.

Emerge said it plans to commence drilling in the first quarter of 2011.

Shares of the Calgary, Alberta-based company were down 1.5 percent at C$3.40 Monday afternoon on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalore; Editing by Vyas Mohan)

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