NEWS Related Quotes
Sym. Price Chg.
SUGM Trade
News 3 0.5
Sungro Minerals Inc.-Negotiating Acquisition of Oil and Gas Prospectin Converse County, Wyoming
Jun 23, 2009 13:55:04 (ET)
SURREY, BRITISH COLUMBIA, Jun 23, 2009 (MARKETWIRE via COMTEX) -- Sungro Minerals Inc. (the "Company") (SUGM, Trade ) today announced that it has entered into discussions with Powder River Basin Oil and Gas Holdings Corp. ("Powder River") a private Nevada company, for the acquisition of a working interest in the Solomon's Ridge Prospect located in Converse County, Wyoming. The Solomon's Ridge Prospect covers a 1580-Acre area with certain prospective hydrocarbon bearing zones with an estimated gross thickness of 320'. The prospect has been identified by third party geophysical interpretations based on heritage Exxon and Conoco 2-D seismic data.
The negotiations with Powder River are in the preliminary stages and the Company has not yet reached final terms on the proposed acquisition. Any agreement between the parties will be subject to completion of a definitive agreement between the parties with customary representations and warranties and satisfactory completion of both parties' due diligence review. There is no assurance that the parties will reach a definitive agreement regarding the acquisition of an interest in the prospect as planned or at all.
Forward Looking Statements
This news release contains "forward-looking statements". Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. In general, estimates of 3P (proven, possible & probable) reserves are based upon a number of factors and assumptions made as of the date on which the estimates were determined, such as geological, technological and engineering estimates and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking estimates. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, except as required by law. Readers should also refer to the Company's current annual report or other filings, which are available at www.sec.gov for additional discussion of risks and uncertainties. The reader is cautioned not to place undue reliance on forward-looking statements.
Cautionary Note to U.S. Investors - The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. The Company uses certain terms in this release such as "prospective hydrocarbon bearing zones" that the SEC's guidelines strictly prohibit the Company from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in the Company's periodic and other filings filed with the SEC on EDGAR at www.sec.gov .
On behalf of the Board of Directors
Mal Bains, President
Contacts:
Sungro Minerals Inc.
Mal Bains
(604) 603-4797
mal@mbainsfinancial.com
