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TruthMachine2on Jun 02, 2011 1:08pm
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Update on Exshaw/Bakken JV
Update on Exshaw/Bakken JV
| June 2, 2011 |
| Vecta Energy Provides Update on Exshaw/Bakken Joint Venture Transaction |
CALGARY, ALBERTA--(Marketwire - June 2, 2011) - Vecta Energy Corporation (TSX VENTURE:VER) ("Vecta" or the "Company") wishes to provide an update on the joint venture transaction (the "JV") with Vecta Oil & Gas Ltd., ("VOG") as discussed in the May 2, 2011 press release.
Under the terms of the Joint Venture Agreement, Vecta will participate with VOG in an Exshaw/Bakken light oil resource play in north central Montana. The closing date of the transaction was initially set for April 8, 2011, but has now been extended by VOG to a date no later than July 31, 2011. The extension shall allow Vecta and VOG to finalize revision of certain key terms to the transaction as well as establish firm commitments for equipment for its drilling program, expected to commence promptly upon closing. "We are pleased with the collaborative effort with VOG to move this transaction forward," Vecta President Tom Coffman said.
VOG continues to acquire leases strategic to the JV drilling program and the JV now has interests in over 120,000 acres, with 60,000 acres assignable to Vecta upon closing of the JV.
"Recent results continue to verify what our technical team has believed all along," Coffman said. "Positive news from others in the Alberta Bakken play confirms there is pervasive mature source rock with oil in the system. Recently released production rates from other operators are in excess of 200 BOEPD with no water. Wells are being planned, permitted and drilled on lands directly offsetting JV acreage on the eastern flank of the block. We see the play continuing to expand to include the JV block where shows in the Exshaw/Bakken are well- documented."
Vecta continues its effort to conclude the proper financing for the JV and remains optimistic that such funding is forthcoming. Further updates will be provided upon completion of the funding requirements for the JV Agreement.
To receive company news releases via e-mail, please advise admin@vectaenergy.com and specify "Vecta Press Releases" in the subject line.
This news release contains forward-looking statements relating to the Company's plans and other aspects of the Company's anticipated future operations, strategies, financial and operating results and business opportunities. Forward-looking statements typically use words such as "anticipate", "believe", "project", "expect", "plan", "intent" or similar words suggesting future outcomes, statements that actions, events or conditions "may", "would", "could" or "will" be taken or occur in the future, or consists of statements regarding estimates of future production, operating costs or other expectations, beliefs, plans, objectives, assumptions or statements about future events or performance. Statements regarding reserves are also forward-looking statements, as they reflect estimates as to the expectation that the deposits can be economically exploited in the future.
Although the Company believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements and you should not unduly rely on forward-looking statements. The forward-looking statements contained in this news release are made as the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
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. |