Greencastle Resources Ltd V.VGN

Alternate Symbol(s): GRSFF

Energy Oil & Gas E&P

Greencastle Resources Ltd. is a diversified company. It has interests in gold and base metals exploration and oil and gas exploration and royalties. It also has strategic investments in other companies. Its segments include investments in private and public companies, oil and gas interests, and mining interests. Its investment segment comprises its investment in marketable securities and investment in private and public companies. The oil and gas segment is comprised of its oil and gas interests. The mining segment is comprised of its mining interests in Canada and in the United States of America. It has a royalty interest in one oil and gas property in Alberta. It holds royalty interests in wells located in the Spirit River area, north-west Alberta, and the Primate area in Saskatchewan. It also holds interest in the Jewel Ridge property lease. It holds a 50% interest in a 95% interest held by Criterium Energy in a quarter section of land in Alberta, called the Ferrier Project.

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Greencastle Resources Ltd

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Post by mouse3on Oct 22, 2013 2:05pm

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Post# 21838136

Possible New Source of Revenue?

Another oil play. This one on Tourmaline's boundary. Last one resulted in Primate with over $11 million received to date on a $1 mil. hole. Fingers crossed.

2013-10-22 13:04 ET - News Release

Mr. Anthony Roodenburg reports

GREENCASTLE ALBERTA OIL LEASE EXTENSION APPROVED

Alberta's Department of Energy has extended the term on the 640-acre petroleum and natural gas (P&NG) lease at Spirit River, northwest Alberta, held 50/50 by Greencastle Resources Ltd. and its partner, Softrock Minerals Ltd., to June 11, 2015.

Over the past few weeks, Tourmaline Oil Corp., through its operating subsidiary Exshaw Oil Corp., has applied to the Alberta government for altered spacing units that will permit horizontal well completions in the Charlie Lake formation in the sections offsetting to the south and southwest of Greencastle's lease.

Interest has been steadily increasing in the area. At the last Alberta government sale, a 640-acre parcel of similar P&NG rights directly offsetting Greencastle's lease to the north sold for over $900,000, while another parcel of one-half section at the same sale directly adjoining to the southeast went for in excess of $200,000.

Commenting on these developments, Anthony Roodenburg, Greencastle chief executive officer, stated: "Activity and land prices have picked up smartly in the area and we are in discussions with several parties regarding development of this section. Our land is now essentially surrounded by new production or recently purchased landholdings. Our discussions are focused on bringing in a partner to drill, allowing Greencastle to hold an overriding royalty similar to the revenue model we have at Primate in Saskatchewan."

We seek Safe Harbor.