DGAP-News: First Newgate Petroleum Resources Co. Ltd.: News
(firmenpresse) - DGAP-News: First Newgate Petroleum Resources Co. Ltd. / Key word(s):
Letter of Intent
First Newgate Petroleum Resources Co. Ltd.: News
24.04.2012 / 08:00
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First Newgate Petroleum Resources Corp. Ltd. Update
April 24, 2012
First Newgate Petroleum Resources Corp. Ltd., A BVI Company and its
CEO/CFO are pleased to announce that First Newgate signed a Letter of
Intent with Fossil Energy, Inc., a Delaware Corporation to purchase
existing and future wells for drilling in Natrona County, Wyoming, USA.
The Property commonly known as West Salt Creek encompasses over 4,700 acres
and will have a purchase price of $6,590,000 comprised of a combination of
cash and the Company's common shares. The property currently has 18 wells
producing about 40 barrels per day ('BOPD'), which is expected to increase
to about 90 BOPD with work underway.
Revitalization plans calls for a budget of $1.1 million USD in order to
increase production on these 18 existing wells to over 180 BOPD, to tap
into the Probable Undeveloped Reserves in excess of 700,000 barrels of
recoverable oil.
In addition to the producing wells, Seventy three (73) additional new
viable drilling locations have been identified in Fossil Energy's drilling
plan. For those viable wells the analysis indicates that there is an
Estimated Ultimate Reserve ('EUR') of nearly 4.6 million barrels that can
be obtained from these identified locations.
First Newgate and Fossil Energy will enter into a Definitive Agreement
which, inter alia, will provide for Fossil Energy to sells its common
shares in the Company in an orderly manner commencing after a holding
period of up to two years after the close of the transaction.
First Newgate Petroleum is consistently developing oil and gas prospects
that have a solid geological foundation. We have assembled a team of
regional experts to evaluate our projects from inception to completion. By
taking advantage of technological innovations, we are strategically
recovering domestic oil and gas reserves.
Cautionary Note Regarding Forward-looking Statements
Certain statements contained in this news release may constitute
forward-looking information, within the meaning of Frankfurt Securities
laws. Forward-looking information may relate to this news release and other
matters identified in the Company's public filings, Forward-looking
information and anticipated events or results and can be identified by
terminology such as 'may', 'will', 'could', 'should', 'expect', 'plan',
'anticipate', 'believe', 'intend', 'estimate', 'projects', 'predict',
'potential', 'continue' or other similar expressions concerning matters
that are not historical facts and include, but are not limited in any
manner to, those with respect to capital and operating expenditures,
economic conditions, availability of sufficient financing, receipt of
approvals, satisfaction of closing conditions and any and all other timing,
development, operational, financial, economic, legal, regulatory and/or
political factors that may influence future events or conditions. Such
forward-looking statements are based on a number of material factors and
assumptions, including, but not limited in any manner, those disclosed in
any other public filings of the Company, and include the ultimate
availability and final receipt of required approvals, sufficient working
capital for development and operations, access to adequate services and
supplies, availability of markets for products, commodity prices, foreign
currency exchange rates, interest rates, access to capital markets and
other sources of financing and associated cost of funds, availability of a
qualified work force, availability of manufacturing equipment, no material
changes to the tax and regulatory regime and the ultimate ability execute
its business plan on economically favourable terms. While we consider these
assumptions to be reasonable based on information currently available to
us, they may prove to be incorrect. Actual results may vary from such
forward-looking information for a variety of reasons, including but not
limited to risks and uncertainties disclosed in other Company filings and
other unforeseen events or circumstances. Other than as required by law,
the Company does not intend, or undertake any obligation to update any
forward looking information to reflect, among other things, new information
or future events.
Neither the Frankfurt Exchange nor its Regulation Services Provider accepts
responsibility for the adequacy or accuracy of this release.
For more information on the Company please go to our website at
www.firstnewgatepetro.com
Or contact the company at info(at)firstnewgatepetro.com
End of Corporate News
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166135 24.04.2012
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Datum: 24.04.2012 - 08:00 Uhr
Sprache: Deutsch
News-ID 138239
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Kategorie:
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