CALGARY, July 16, 2014 /CNW/ – Raimount Energy Inc. (“Raimount”) is pleased to announce that effective July 10, 2014, it and two joint interest partners (both private companies owned and controlled by related parties) have acquired the deep petroleum and natural gas rights (the “Deep Rights”) in approximately 20,900 acres of land in the Woolford area of Southwestern Alberta (the “Woolford Assets”) for $420,000 from a third party operator. Under the terms of the area joint operating agreement, Raimount operates and owns a 50% interest in the Woolford Assets while each of the joint interest partners owns a 25% interest.
The Deep Rights acquired constitute all rights below the top of the Mississippian formation in the Woolford Assets including the “Alberta Bakken” formations, namely the Banff, the Exshaw and the Big Valley. The transaction combines all rights in the Woolford lands and allows Raimount and its partners to pursue the light oil resource development potential that exists in the Second White Specks and Rierdon formations (the shallow zones of interest) together with the light oil resource development potential that exists in the Alberta Bakken formations (the deep zones of interest).
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange has in no way passed upon the merits of the transaction and has neither approved nor disapproved the contents of this press release
Forward Looking Statements
Certain statements contained in this news release constitute forward-looking statements. These statements relate to future events. All statements other than statements of historical fact are forward-looking statements. The use of the words ”may”, “expected”, “believes” and other words of a similar nature are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Although Raimount believes these statements to be reasonable, no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. Such statements include statements regarding the pursuit of potential light oil development in certain areas acquired by Raimount. Actual results could differ materially from those anticipated in these forward-looking statements as a result of the general state of the oil and gas industry, working capital requirements, costs and expenses of exploration and development, and other factors, many of which are beyond the control of Raimount. There is no assurance that pursuit of the light oil potential will be undertaken or met in a timely manner. The forward-looking statements contained in this news release represent Raimount’s expectations as of the date hereof, and are subject to change after such date. Raimount disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable securities regulations.
SOURCE Raimount Energy Inc.
For further information: Raimount Energy Inc., Gregory A. Vavra, President, 403-265-6292 ext. 1, email@example.com