Replies to post #1280 on Westmont Resources Inc. (fka WMNS)

[eagleye]

I guess you missed the great news two days ago?

I just think we are poised for a move and we are over due for news.

Westmont Divests Canadian Gold Mining Properties to Acquire Additional Oil and Natural Gas Leaseholds in the Marcellus Shale Reg
Date : 02/16/2011 @ 4:02PM
Source : MarketWire
Stock : Westmont Resources, Inc. (WMNS)
Quote : 0.17 -0.035 (-17.07%) @ 3:49PM

Westmont Divests Canadian Gold Mining Properties to Acquire Additional Oil and Natural Gas Leaseholds in the Marcellus Shale Reg

Westmont Resources Inc. (OTCQB: WMNS) (PINKSHEETS: WMNS) today announced Westmont Resources, Inc., an independent oil and gas production company, announced today that it had finalized agreements to sell properties in British Columbia to Domestic Energy Corporation. The properties being sold are exploration lands that are located in known gold reserve regions.

The divestment by the company will allow it to refocus its finances and operations on oil and natural gas in the Marcellus and Chattanooga Shale play. The proceeds from this sale will allow Westmont to invest heavily in this massive shale play that has revolutionized the North American natural gas business.

Of the disposed-of properties and of the transactions, Westmont Chairman Dr. Bruce Fischer said: "Although these are excellent assets with a great future, they can't effectively compete for capital within our emerging strategic asset mix. The result is that these sales will help us focus on, finance and build our growing, higher margin and more profitable North American shale oil and gas business."

Using new technologies, in particular (Eco-Recovery4) which is proprietary to Westmont now enables it to more profitably tap oil and natural gas reserves own by the company. Without the benefit of these technologies the previous operators of these plays were unable to economically exploit the reserves. Preliminary estimates indicate that the value of the reserves these various shale plays could potentially reach in excess of $270 Million. This is based on the company's review of other assessments and production in the immediate areas. The company is finalizing confirmation of the true bankable reserves by a review conducted by a recognized independent oil industry geologist.

Westmont's portfolio, includes a significant Tennessee Chattanooga Shale play, joint ventures developing two significant blocks in the Marcellus Shale region including, 1,800 lease acres in Western Pennsylvania and 1,650 lease acres in West Virginia. "This is a strategic step toward extending our Marcellus natural resources operations and it's the right time because recent advances in our technology and continued enhancements will improve margins and profitability in our shale oil and gas properties," continued Fischer.

[ancientacid]

WMNS on radar here, looking good at first glance.