SNRG snag!Letter of Intent between Arapahoe Energy and SNRG Has Been Terminated
CALGARY, ALBERTA, Jul 4, 2006 (CCNMatthews via COMTEX News Network) --
Jeffrey L. Standen reports,
Arapahoe Energy Corporation ("Arapahoe" or the "Corporation") (TSX VENTURE:AAO) announces that the previously announced Letter of Intent - Joint Venture agreement with SNRG Participating Income Fund 1, LLC ("SNRG") has been terminated (News Releases dated March 31, April 20 and June 13, 2006).
SNRG did not meet the June 30, 2006 commitment under the amended Letter of Intent. Under the terms of the agreement Arapahoe has retained the non-refundable deposits advanced by SNRG.
Arapahoe and SNRG are however, negotiating as to whether another arrangement between the companies can be reached.
Arapahoe is a junior oil and gas exploration company engaged in the exploration, development and production of oil and natural gas in Western Canada. Arapahoe's primary focus is on exploring and developing Canadian First Nation Lands. Currently Arapahoe has agreements in place to explore and develop lands on the Tsuu T'ina First Nation (Sarcee Area) immediately west of the City of Calgary and in south western Saskatchewan on the Poundmaker Cree First Nation and a portion of the Little Pine First Nation.
SOURCE: ARAPAHOE ENERGY CORPORATION
Arapahoe Energy Corporation Brett Standen Corporate Communications (403) 538-8443 Email: brett@arapahoe-energy.com
Copyright (C) 2006 CCNMatthews. All rights reserved.