Nueva Oil & Gas to manage & operate site
VANCOUVER,
May 8, 2012 /PRNewswire/ -
RainChief Energy Inc. (OTCBB: RCFEF) today announced the
execution of a farm-in agreement with Rich Investments and Leare
Developments of Vancouver, BC. The
agreement gives RainChief the opportunity to earn up to an 80%
working interest in the Weber City Prospect oil property.
The Weber City Prospect was introduced to RainChief by Nueva Oil
& Gas Corporation. The property is located in New Mexico's Permian Basin and includes 5,800
acres of oil and gas leases.
The Permian Basin has produced over 20 billion barrels of oil
with a financial value that exceeds $2
trillion, based on today's oil prices. The Basin produces
17% of total United States crude
oil and represents 66% of Texas'
current oil production. Proven reserves are second only to
Alaska and New Mexico's portion of the Basin holds three
of the 100 largest oil fields in the US.
Nueva will earn up to a 10% working interest in the property and
will manage all exploration and development activities on the
Weber City property. Nueva is
controlled by Norman Mackenzie, who
is also the founder of C&C Energia Ltd. (TSX: CZE). Mackenzie
will directly advise RainChief on all aspects of site geology and
project development.
In announcing the Weber City
agreement, RainChief CEO Paul Heney
stated, "Based on our partnership with Nueva Oil and Gas in
developing the Gulf Jensen Prospect, we're pleased to join again
with Nueva in what we believe will prove to be another high quality
oil property. This agreement puts the company in a position to
participate in and benefit from this promising property and to
continue our development in the Permian Basin region of
New Mexico. This is a proven
region that we remain very positive about."
The Weber City Prospect is located in eastern New Mexico, bordering Texas. It is located within the Permian Basin
and includes four potentially productive hydrocarbon zones: the San
Andres, Clearfork, Wolfcamp and the Cisco Formation.
RainChief Energy is actively engaged in
identifying, financing & developing oil & gas energy
resource properties in North
America, including the development of the Gulf Jensen Oil
Prospect in New Mexico. The
company continues to review additional resource properties that
combine positive elements of short-term exploration &
development costs with high potential for long-term success &
financial return.
Additional information can be found at: www.rainchief.com
Nueva Oil & Gas is headed by well-known Canadian
oilman, Norman Mackenzie, who is
also Founder and Director of C&C Energia. C&C is a publicly
traded, independent oil and gas company that trades on the Toronto
Stock Exchange (TSX: CZE). The company's operations are in
Colombia, South America with offices in Bogota, Colombia and Calgary. C&C currently operates 100% of
its oil production and holds interests in eight blocks in
Colombia totaling 647,500 acres
(559,000 net acres).
Additional information can be found at: www.ccenergialtd.com
On behalf of the Board of Directors,
RainChief Energy Inc. (OTCBB: RCFEF)
"Brad J. Moynes"
Brad J. Moynes
President
Forward-Looking Information:
This press release contains certain "forward-looking
information." All statements, other than statements of historical
fact, that address activities, events or developments that the
Company believes, expects or anticipates will or may occur in the
future constitute forward-looking information. This forward-looking
information reflects the current expectations or beliefs of the
Company based on information currently available to the Company.
Forward-looking information is subject to a number of significant
risks and uncertainties and other factors that may cause the actual
results of the Company to differ materially from those discussed in
the forward-looking information, and even if such actual results
are realized or substantially realized, there can be no assurance
that they will have the expected consequences to, or effects on the
Company. Factors that could cause actual results or events to
differ materially from current expectations include, but are not
limited to, the possibility of unanticipated costs and
expenses. Any forward-looking information speaks only as of
the date on which it is made and, except as may be required by
applicable securities laws, the Company disclaims any intent or
obligation to update any forward-looking information, whether as a
result of new information, future events or results or otherwise.
Although the Company believes that the assumptions inherent in the
forward-looking information are reasonable, forward-looking
information is not a guarantee of future performance and
accordingly undue reliance should not be put on such information
due to the inherent uncertainty therein.
SOURCE Rainchief Energy Inc.