Enfield Exploration Corp. Announces Letter of Intent to Acquire Six Petroleum and Natural Gas Leases
February 7, 2014 (Source: FSC Wire) — Enfield Exploration Corp. (EXP – CSE),(the “Company” or “Enfield”) announces that it has entered into a letter of intent with Richfield Oils Inc. for an option to acquire a 100% interest in six petroleum and natural gas leases in Alberta (the “Leases”), subject to a gross overriding royalty of 2 – 5%. Total consideration for the acquisition is expected to be CDN $600,000. The leases total 258.8 hectares and are located in the Southern Alberta Bakken trend. The lands are adjacent to the Dee Three Ferguson Pool and are located near two recent tests wells one of which flowed 1500 barrels of oil per day and the other which flowed 1150 barrels of oil per day. Many of the terms of the letter of intent are non-binding. The parties have agreed to work towards completing a definitive agreement by March 17, 2014.
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Enfield Exploration Corp. is engaged in the acquisition, exploration and development of mineral resources and oil and gas opportunities. Enfield has the right to acquire mineral interests covering approximately 486 hectares in central Yukon Territory, and is currently evaluating oil and gas opportunities in Argentina.
Further information about the Company is available under its profile on the SEDAR website www.sedar.com and on the CSE website www.thecse.com.
The CSE has not reviewed, nor approved or disapproved the content of this press release.
This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company, including future plans for the exploration and development of the mineral properties of the Company. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>