TSX Venture Exchange Approves Petro One/Goldstrike Joint Venture
February 18 2014 - 6:45AM
Marketwired Canada
Goldstrike Resources Ltd. (TSX VENTURE:GSR)(PINKSHEETS:APRAF)(FRANKFURT:KCG1)
and Petro One Energy Corp. (TSX VENTURE:POP)(PINKSHEETS:CUDBF)(FRANKFURT:C6K1)
are pleased to report that the TSX Venture Exchange (the "TSXV") has approved a
joint venture pursuant to which Goldstrike will participate in drilling a series
of oil wells on leases controlled by Petro One at South Reston and Kirkella in
Southwestern Manitoba, and at Milton in Southeastern Saskatchewan.
The initial program will consist of up to three test wells, with a minimum of
two wells, and the arrangement gives Goldstrike the option to participate in a
series of success contingent wells. By contributing its cost share, Goldstrike
will earn a 50% working interest in each successful well. The initial test well
(Well #SR1) is under way at South Reston and the Manitoba government has now
issued a drilling license for the second well (Well #SR2) planned for South
Reston, which should allow the companies to drill that well before Spring
break-up if results from Well #SR1 warrant additional wells at South Reston and
a rig is available. Alternatively, the companies will turn their focus to
Kirkella and/or Milton post Spring break-up to drill the next well. The
Government road ban restrictions that come annually commence on March 11, 2014.
The background to the proposed joint venture, the details of the drilling
program and information on the South Reston, Kirkella and Milton properties are
set out in detail in the joint news release issued by the companies on November
26, 2013.
ON BEHALF OF THE BOARD ON BEHALF OF THE BOARD
PETRO ONE ENERGY CORP. GOLDSTRIKE RESOURCES LTD.
"Peter Bryant" "Terrence E. King"
President & Director President & Director
For further information, please visit the companies' websites, follow the
companies' tweets or contact the Jeff Stuart of King James Capital Corporation,
handling Investor Relations for the Company, by telephone at (604) 805 0375 or
by email at jstuart@kingjamescapital.com.
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.
Forward-Looking Statements
Certain statements contained herein constitute forward-looking statements or
information (collectively "forward-looking statements") within the meaning of
applicable securities legislation, including, but not limited to management's
assessment of future plans and operations, including: drilling plans and
potential locations; expected production levels; development plans; reserves
growth; production and operating sales and expenses; reservoir characteristics;
the results of applying certain operational development techniques; certain
economic factors; and capital expenditures.
Forward looking statements are typically identified by words such as
"anticipate", "estimate", "expect", "forecast", "may", "will", "project" and
similar words suggesting future events or performance or may be identified by
reference to a future date. In addition, statements relating to oil and gas
reserves and resources are deemed to be forward-looking statements as they
involve the implied assessment, based on certain estimates and assumptions, that
the reserves or resources described, as the case may be, exist in the quantities
predicted or estimated and can be profitably produced in the future. With
respect to forward looking statements herein, the Company has made assumptions
regarding, among other things; future capital expenditure levels; future oil and
natural gas prices; ability to obtain equipment and services in a timely manner
to carry out development activities; ability to market oil and natural gas
successfully to current and new customers; the ability to obtain financing on
acceptable terms; and the ability to add production and reserves through
development and exploitation activities. Although the Company believes that the
expectations reflected in the forward-looking statements contained herein, and
the assumptions on which such forward-looking statements are made, are
reasonable, there can be no assurance that such expectations will prove to be
correct. Readers are cautioned not to place undue reliance on forward-looking
statements included herein, as there can be no assurance that the plans,
intentions or expectations upon which the forward-looking statements are based
will occur. By their nature, forward-looking statements involve numerous risks
and uncertainties that contribute to the possibility that the forward-looking
statements will not occur, which may cause the Company's actual performance and
financial results in future periods to differ materially from any estimates or
projections. The forward-looking statements contained herein are made as of the
date hereof. The Company does not undertake any obligation to, nor does it
intend to, publicly update or revise any forward-looking statements, whether as
a result of new information, future events or otherwise. The forward-looking
statements contained herein are expressly qualified by this cautionary
statement. In addition, readers are cautioned that historical results are not
necessarily indicative of future performance.
FOR FURTHER INFORMATION PLEASE CONTACT:
Investor Relations
King James Capital Corporation
Jeff Stuart
(604) 805 0375
jstuart@kingjamescapital.com
Petro One Energy Corp.
Telephone: 604 566 9089
IR: 604 805 0375
PetroOneEnergy.com
Twitter.com/PetroOneEnergy
Goldstrike Resources Ltd.
Telephone: 604 681 1820
IR: 604 805 0375
GoldStrikeResources.com
Twitter.com/GoldstrikeRes
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