RE: The 'PR' is only posted on their WEBSITE!!!
It is on Stockwatch www.stockwatch.com
Regent Ventures enters LOI to drill three oil wells
Ticker Symbol: C:REV
Regent Ventures enters LOI to drill three oil wells
Regent Ventures Ltd (C:REV)
Shares Issued 70,152,255
Last Close 12/9/2009
.075
Thursday December 10 2009 - News Release
Mr. Richard Wilson reports
OIL AND GAS ACQUISITION UPDATE ON RED MOUNTAIN
Regent Ventures Ltd. has entered into a letter of intent and development agreement to acquire the rights to drill three development oil wells on acreage adjacent to recently completed oil and gas production within the last two years. The property is situated in Northern Louisiana where the company is continuing to seek additional acreage in the mature oil and gas areas of the Caddo Pine Island field, the Monroe gas field, the Delhi field and the Big Creek field. Pursuant to the terms of the agreement, at closing, the company will pay the vendor $275,000 (U.S.) and must incur all the drilling and development costs of the three wells to earn an 80-per-cent working interest. The property is subject to royalties and overriding royalties totalling 35 per cent of gross revenues from production. The operator on the property is to be TerrOnne Petroleum Corporation of Monroe, La. TerrOnne is fully licensed to carry out the necessary drilling and completion activities required to develop the property. The agreement also provides that the first well is to be spudded and drilled on or before May 15, 2010. The commencement of drilling will be subject to the availability of drilling rigs and the suitability, due to weather conditions, of access roads to the field. The agreement contains a force majeure clause should the company incur delays that are beyond their control. Closing of the acquisition is to occur on or before Dec. 16, 2009, and is subject to the approval of the TSX Venture Exchange.
Some of the additional acreage the company is pursuing in Northern Louisiana may include wells that have been plagued with paraffin and high viscosity problems on which the company can employ its environmentally friendly solvents to enhance production. TerrOnne is a private company wholly owned by Kenneth D. Pilgreen, a director of the company. Any charges by TerrOnne for its services as operator will be in accordance with industry standard rates in the area.
Red Mountain property
Regent is also pleased to announce that it has retained a consulting firm to perform detailed interpretation of the results from the VTEM geophysical survey previously conducted on the Red Mountain property in light of new understandings of the geology of the Yukon Tintina gold belt. Preliminary results from the VTEM survey indicate numerous new anomalies which may be associated with buried Tombstone Suite intrusions in the area. The Tombstone Suite intrusions are known to be associated with gold mineralization. During the 2009 exploration season, Regent renewed its exploration permit for the Red Mountain property and conducted camp rehabilitation and maintenance in preparation for renewing its exploration activities during the 2010 work season. The report of the consultants on the geophysical interpretation is expected by mid-January, 2010, and will contain recommendations for follow-up work on the property, part, or all of which, the company intends to undertake in the 2010 work season.
? 2009 Canjex Publishing Ltd.