Donnybrook Energy Enters Into Participation and Farm-Out Agreement
02 Septiembre 2011 - 3:10PM
Marketwired
Malcolm Todd, Chief Executive Officer of Donnybrook Energy Inc.
("Donnybrook" or the "Company") (TSX VENTURE: DEI) reports that the
Company has farmed out a portion of its interest in a Donnybrook
100% owned 7 section block (1,792 ha) at Prairie Creek, Alberta.
Donnybrook will participate as to a 25% working interest in a
horizontal well (drill, complete and equip) and will retain a 25%
working interest and a 10% GORR on a 75% working interest before
payout, and a 50% working interest after payout in the well and in
the balance of the 7 section block at Prairie Creek.
The Farmee will earn a 50% after payout working interest (75%
before payout) by paying 75% of the costs (drill, complete and
equip), and by reimbursing 50% of the Prairie Creek land costs
incurred to date.
The Prairie Creek lands will form part of certain non-core oil
and gas assets to be spun-out to a new corporation, Donnycreek
Energy Inc., pursuant to the previously announced proposed
reorganization of Donnybrook's business components into two
separately listed public corporations by means of a plan of
arrangement pursuant to the Business Corporations Act
(Alberta).
Further information relating to the Company is also available on
its website at www.donnybrookenergy.ca.
ON BEHALF OF THE BOARD OF DONNYBROOK ENERGY INC.
Malcolm Todd, Chief Executive Officer
FORWARD-LOOKING STATEMENTS
Certain information set forth in this news release contains
forward-looking statements or information ("forward-looking
statements"), including statements regarding the drilling plans for
the Company's Prairie Creek acreage and the reorganization of
Donnybrook's business components. By their nature, forward-looking
statements are subject to numerous risks and uncertainties, some of
which are beyond Donnybrook's control, including the impact of
general economic conditions, industry conditions, volatility of
commodity prices, currency fluctuations, imprecision of reserve
estimates, environmental risks, operational risks in exploration
and development, competition from other industry participants, the
lack of availability of qualified personnel or management, stock
market volatility and the ability to access sufficient capital from
internal and external sources. Although Donnybrook believes that
the expectations in our forward-looking statements are reasonable,
our forward-looking statements have been based on factors and
assumptions concerning future events which may prove to be
inaccurate. Those factors and assumptions are based upon currently
available information. Such statements are subject to known and
unknown risks, uncertainties and other factors that could influence
actual results or events and cause actual results or events to
differ materially from those stated, anticipated or implied in the
forward looking information. As such, readers are cautioned not to
place undue reliance on the forward looking information, as no
assurance can be provided as to future results, levels of activity
or achievements. The risks, uncertainties, material assumptions and
other factors that could affect actual results are discussed in our
management's discussion and analysis and other documents available
at www.sedar.com. Furthermore, the forward-looking statements
contained in this document are made as of the date of this document
and, except as required by applicable law, Donnybrook does not
undertake any obligation to publicly update or to revise any of the
included forward-looking statements, whether as a result of new
information, future events or otherwise. The forward-looking
statements contained in this document are expressly qualified by
this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this news release.
Contacts: Donnybrook Energy Inc. Malcolm Todd President and
Chief Executive Officer (604) 684-2356 (604) 684-4265 (FAX)
info@donnybrookenergy.ca www.donnybrookenergy.ca
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