SASKATOON, SASKATCHEWAN - (Marketwire – March 24, 2010) Mr. Tom
MacNeill, President and CEO of 49 North Resources Inc. ("49 North") (TSX Venture:
FNR) is pleased to announce 49 North has entered into binding agreements pursuant to
which, subject to the satisfaction of certain conditions, it will acquire 89.5% of the issued
and outstanding common shares of a private company with oil and gas assets in the
Kindersley area of Saskatchewan (the "Acquisition").
The Acquisition will provide 49 North with a significant interest in approximately 6,200
acres of highly prospective land underlain by the prolific Viking oil formation in
consideration of payment by 49 North of $3,471,105 cash (
.33 per common share)
upon closing. The Acquisition is scheduled to close April 12, 2010.
This transaction represents a significant advancement of 49 North's oil and gas
development strategy to be achieved through acquisition, joint venture and direct
exploration. Generally characterized by high quality, economically successful light oil
production, activity in the area dates back to the 1950’s with most oil being recovered
using traditional vertical well technology. Given the sizable areal extent of this
established but relatively undeveloped field, 49 North views the acquired assets as a
prime opportunity for enhanced production capabilities using horizontal drilling and
newly developed multi-stage fracture technology.
49 North Resources Inc. is a resource investment, financial and managerial advisory and
merchant banking company that invests in the Canadian resource sector, with an
emphasis on junior and intermediate mineral and oil and gas exploration companies with
activities in Saskatchewan. Additional information about the company is available at
www.sedar.com.
For more information contact:
49 North Resources Inc.
Tom MacNeill
President and Chief Executive Officer
306-653-2692 or ir@fnr.ca.