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Sun Resources' Director Snaps Up $60,000 Of Stock On-Market

Sun Resources (ASX: SUR) director Damian Kestel has increased his stake in the company following the on-market purchase of 2 million shares at $0.03 for a consideration of $60,000.

Kestel now holds around 18.2 million shares along with 5 million unlisted incentive options with a $0.105 exercise price - which expire on the 12th September 2015.

Earlier in the month Sun attracted Petro-Hunt LLC, one of the world's largest privately held companies, as a joint venture partner targeting oil and gas in the Lower Woodbine interval in Leon County, Texas.

The partners will drill the first horizontal well into the Lower Woodbine in the December quarter 2013.

Details of the binding agreement

Under the binding agreement, Sun will contribute 810 net acres from its northern Delta Oil Project acreage which lie within the broader 7,832 acre Area of Mutual Interest, while Petro-Hunt is contributing 2,430 net acres that it owns within the AMI.

The combined 3,240 net acres will be owned by Petro-Hunt (75%) as the operator and Sun (25%) and all costs going forward will be shared on this basis.

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