Eaglewood Energy Announces Closing of Sale of 20% Interest in PPL 260 to ExxonMobil Subsidiary
March 15 2012 - 11:02AM
Marketwired
Eaglewood Energy Inc. (TSX VENTURE:EWD) ("Eaglewood") is pleased to
announce the final payment of USD $4.9 million for the sale of 20%
of its 30% equity interest in PPL 260 in the PNG highlands to Esso
PNG Exploration Limited ("Esso"), a subsidiary of ExxonMobil.
The total purchase price for the 20% interest was USD $7mm, with
USD $2.1mm paid on execution of the agreement and the remaining USD
$4.9mm payable on satisfaction of certain conditions, which has now
occurred.
CEO Brad Hurtubise commented "We are very pleased to have
completed this transaction which provides additional capital to
re-deploy in our other licenses. We will begin acquiring seismic on
PPL 259 on April 1 and expect to be in a position to drill our
second well on that license in the second half of 2012. With
previously announced farmouts effectively funding our next phase of
seismic and our next well, this additional capital gives us the
ability to better pursue the multiple opportunities in and around
our licenses including expanding our PPL 259 seismic program to
high-grade additional prospects, shooting additional seismic on PPL
257 and funding any PRL 4 unitisation outcomes".
Forward-Looking Statements
This document may contain "forward-looking statements" within
the meaning of Canadian securities legislation and the United
States Private Securities Litigation Reform Act of 1995. These
forward-looking statements are made as of the date of this document
and Eaglewood does not intend, and does not assume any obligation,
to update these forward-looking statements.
Forward-looking statements relate to future events or future
performance and reflect management of Eaglewood's expectations or
beliefs regarding future events and include, but are not limited
to, statements with respect to the estimation of mineral reserves
and resources, the realization of mineral reserve estimates, the
timing and amount of estimated future production, costs of
production, capital expenditures, success of mining operations,
environmental risks, unanticipated reclamation expenses, title
disputes or claims and limitations on insurance coverage. In
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use of words such as "plans", "expects" or "does not expect", "is
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forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Eaglewood to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. Such factors include,
among others, risks related to actual results of current
exploration activities; changes in project parameters as plans
continue to be refined; future prices of resources; possible
variations in ore reserves, grade or recovery rates; accidents,
labour disputes and other risks of the mining industry; delays in
obtaining governmental approvals or financing or in the completion
of development or construction activities; as well as those factors
detailed from time to time in Eaglewood's interim and annual
financial statements and management's discussion and analysis of
those statements, all of which are filed and available for review
on SEDAR at www.sedar.com. In particular, this press release
contains forward-looking statements pertaining to the future
payments to be made by Talisman and the completion of the farm-out.
Although Eaglewood has attempted to identify important factors that
could cause actual actions, events or results to differ materially
from those described in forward-looking statements, there may be
other factors that cause actions, events or results not to be as
anticipated, estimated or intended. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements.
Accordingly, readers should not place undue reliance on forward
looking statements.
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PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX
VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
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Contacts: Eaglewood Energy Inc. Brad Hurtubise President and CEO
(403) 264-6944bhurtubise@eaglewoodenergy.ca Eaglewood Energy Inc.
Diana Moes CFOdmoes@eaglewoodenergy.ca