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UPDATE: Sprott Resource Announces $50 Million Investment in Integrated Oil and Gas Driller; Shares Still in the Red

Sprott Resource Corp. (SCP.TO) is still in the negative territory in the afternoon at $4.07, but is just below day highs. More than 39,000 SCP shares have changed hands.

Today, the company announced that it has invested US$50 million in Independence Contract Drilling, Inc., a newly formed company that will provide land-based contract drilling services in the U.S. through a fleet of technologically advanced, newly constructed drill rigs.

Kevin Bambrough, President and CEO, said: "We view our investment in ICD as an effective way to capitalize on the growth of unconventional oil and gas resource plays in the United States."

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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