Replies to post #70120 on The Golden Lounge

[veteran98]

RMMI put out a news release as well. Don't often seeing anything other than SEC filings from RMMI... Even sounds a little exciting.....


ROCKY MOUNTAIN MINERALS, INC. Announces Sale of Petroleum Permit in Exmouth Sub-basin of Australia to BHP Billiton and Apache Energy


2005-07-19 05:00 ET - News Release


PRESCOTT, Ariz., July 19 /PRNewswire-FirstCall/ -- ROCKY MOUNTAIN MINERALS, INC. announced today that it and its Joint Venture partners (Strata Resources N.L. and Octanex N.L.) have entered into an agreement with BHP Billiton Petroleum Pty Ltd ("BHP") and Apache Energy Limited ("Apache") for the sale of a 100% working interest in WA-329-P, a petroleum exploration permit in the offshore Exmouth Sub-basin of Australia. The permit covers an area of 177,000 acres.

The terms of the Agreement provide an initial cash payment of $400,000, a deferred supplemental cash consideration of $1,000,000 contingent upon the operator drilling a well or maintaining the property into Year 5 of the permit, whichever first occurs, and the grant of an overriding royalty interest ranging from 2.75% to 3.75% with respect to any future production.

In announcing the agreement, President of RMMI, Mr. Ray Hill said, "The sale of WA-329-P to BHP and Apache provides the joint venturers a great opportunity to participate in an exploration program with major international oil companies in a highly desirable and prospective area with little financial exposure or commitment. Beginning in 1998 several significant oil discoveries have been drilled in the surrounding permit blocks by major companies, including BHP, Apache and Woodside."

RMMI and its Exmouth partners sold exploration permit WA-322-P, immediately north of WA-329-P, to BHP in 2004 under similar terms. WA-329-P is currently undergoing a large, multi-permit seismic assessment. Mr. Hill noted, "We believe that WA-329-P will become subject to the same level of exploration commitment and work that we are seeing performed in the surrounding acreage."

The Exmouth Joint Venture percentage interests are:

RMMI, 25%; Strata Resources, 37.5%; Octanex, 37.5%

ROCKY MOUNTAIN MINERALS, INC.



CONTACT: W. Ray Hill-President of ROCKY MOUNTAIN MINERALS, INC.,
[phone], or fax, [phone]