Clear Mountain Updates Osage Property Acquisition
March 12 2014 - 2:50PM
Marketwired
Clear Mountain Updates Osage Property Acquisition
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 12, 2014) -
Clear Mountain Resources Corp. (TSX-VENTURE:CY) ("Clear Mountain"
or the "Company") announces that the closing date on or before
which the Company's acquisition of certain oil and gas assets in
Osage County, Oklahoma (the "PERL Assets") was to take place under
the Company's previously disclosed letter of intent with
Performance Energy Resources, LLC ("PERL") has expired. However,
the Company continues to work towards closing the transaction.
As part of the Company's efforts in Osage County, Oklahoma, the
Company recently made a down payment of US$791,875.00 to the Osage
Tribe of Indians of Oklahoma for the right to acquire certain oil
and gas leases covering approximately 396 tracts comprising 160
acres each in the Hominy Creek concession (the "Hominy Creek
Project"), a 63,350 acre concession located in close proximity to
the PERL Assets. Under the Hominy Creek Project the Company has the
right to purchase certain oil and gas leases within the Hominy
Creek concession by funding an additional payment of
US$1,583,750.00 on or before July 31, 2014 for half of the
concession acreage and drilling a minimum of 35 vertical wells on
the concession by December 31, 2014. In order for the concession to
survive beyond 2014, the Company will be required to make an
additional payment of US$2,375,625.00 (payable in two installments)
and drill a further 35 vertical wells within the calendar year
2015. Closing of the Hominy Creek Project remains subject to, among
other things, the execution of formal documentation, regulatory
approvals and financing.
About Clear Mountain
Clear Mountain Resources Corp. is a junior mineral resource
exploration company with its head office in Vancouver, British
Columbia, Canada. The Company's principal business is the
identification, evaluation and acquisition of mineral, oil and gas
properties, and the subsequent exploration and operation
thereof.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This news release contains forward-looking statements, which
relate to future events or future performance and reflect
management's current expectations and assumptions. Such
forward-looking statements reflect management's current beliefs and
are based on assumptions made by and information currently
available to the Company. Readers are cautioned that these forward
looking statements are neither promises nor guarantees, and are
subject to risks and uncertainties that may cause future results to
differ materially from those expected. Specifically, the
acquisition of the PERL Assets and the Hominy Creek Project are
subject to numerous conditions including the execution and delivery
of formal documentation, regulatory approvals and the Company
raising the necessary financing to complete such acquisitions.
There are no assurances that all conditions precedent (including
raising of the necessary financing) will be satisfied or that the
purchase and sale of the PERL Assets or the Hominy Creek Project
will be successfully completed on the terms and conditions
contemplated or at all. All of the forward-looking statements made
in this news release are qualified by these cautionary statements
and those made in our Canadian continuous disclosure filings
available on SEDAR at www.sedar.com. These forward-looking
statements are made as of the date hereof and the Company does not
assume any obligation to update or revise them to reflect new
events or circumstances save as required under applicable
securities legislation.
Clear Mountain Resources Corp.Richard BarthPresident and Chief
Executive Officer(918)
213-0294rbarth@clearmountainresources.comwww.clearmountainresources.com