Esrey Energy Ltd. Announces Acquisition of Additional Interest in Poland Baltic Basin and Change to the Board
23 Diciembre 2013 - 4:29PM
Marketwired
Esrey Energy Ltd. Announces Acquisition of Additional Interest in
Poland Baltic Basin and Change to the Board
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 23, 2013) -
Esrey Energy Ltd. ("Esrey" or the "Company") (TSX-VENTURE:EEL)
announces the Company has entered into a binding agreement to add
to its holdings in Poland's Baltic Basin through the acquisition of
additional interest in Saponis Investments Sp. z o.o. ("Saponis").
The Company and BNK Petroleum Inc. have agreed to acquire the
interests of the other two Saponis shareholders on a pro-rata
basis. As of December 31, 2013 ("Effective Date"), Esrey will hold
a 42.96 % interest in Saponis.
"The acquisition of additional interest in the Baltic Basin is
consistent with our long-stated objective of maintaining
optionality in our holdings in Poland," remarked David Nelson,
President and CEO. "Esrey continues to monitor activity by offset
operators as they assess the commerciality of the play on their
respective acreage. The Company's future plans with regards to its
holdings in Saponis will depend on this activity, combined with our
analysis of ongoing changes to the regulatory environment in
Poland. We look forward to continued close cooperation with BNK
Petroleum Inc. in the evaluation of the Saponis acreage."
In consideration for the acquisition, the Company and BNK
Petroleum Inc. will assume the future obligations of the selling
shareholders in respect of the concessions held by Saponis, on a
pro-rata basis.
The Company also announces the resignation of Mr. Mark Gustafson
as director. The board would like to thank Mr. Gustafson for his
input and for sharing his expertise through the Company's recent
re-organization and would like to wish him well in his future
endeavors.
About Esrey
Esrey is a Canadian exploration and development company focused
on developing oil and gas properties in Papua New Guinea, Poland
and Bulgaria. Esrey holds in Papua New Guinea a 16.85% net interest
in PPL 319 and a 84.25% interest in 3 additional PPLs in northern
Papua New Guinea (which collectively cover approximately 5.5
million gross acres) and a 20% net interest in PRL 13 (which covers
approximately 42,000 gross acres). Esrey has entered into a farm-in
agreement with subsidiaries of Heritage Oil PLC under which those
subsidiaries acquired an 80% interest in PPL 319 and PRL 13,
subject to fulfillment of work commitments under the farm-in
agreement. As of the Effective Date of the cited agreement, Esrey
has a 42.96% net interest in approximately 734,000 gross acres of
prospective shales in Poland together with BNK Petroleum Inc. Esrey
is operator and has a 50% net interest in approximately 360,000
gross acres of prospective shales in Poland together with San Leon
Energy. Esrey has entered into a farm-in agreement relating to
405,080 acres of prospective argillite formation in Bulgaria with
Direct Petroleum Bulgaria EOOD, a subsidiary of TransAtlantic
Petroleum Ltd. Esrey also holds a 100% working interest (80% net
revenue interest) in approximately 5,300 net mineral acres of oil
and gas leases in Daniels and Sheridan Counties located in north
east Montana as well as a 100% working interest (79% net revenue
interest) in approximately 46,700 net acres of oil and gas leases
in Cascade County, in western Montana. Esrey shares trade on the
TSX Venture Exchange under the symbol "EEL".
Shares Outstanding: 28,819,375
ESREY ENERGY LTD.
David Nelson, President & CEO
Neither 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 release
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release constitute
"forward-looking information" as such term is used in applicable
Canadian securities laws, including information regarding the board
change. Forward-looking information is based on plans and estimates
of management at the date the information is provided and certain
factors and assumptions of management. Forward looking information
is subject to a variety of risks and uncertainties and other
factors that could cause plans, estimates and actual results to
vary materially from those projected in such forward-looking
information. Factors that could cause the forward-looking
information in this news release to change or to be inaccurate
include, but are not limited to, the risks related to
unsatisfactory results of due diligence, international operations
and doing business in foreign jurisdictions, risks associated with
the oil and gas industry and exploratory and development activities
generally (e.g., operational risks in development, exploration and
production, delays or changes in plans with respect to exploration
or development projects or capital expenditures, risks associated
with equipment procurement and equipment failure), the risk of
commodity price and foreign exchange rate fluctuations, risks
related to future royalty rate changes, and risks and uncertainties
associated with securing and maintaining necessary regulatory
approvals, and counterparty risk related to the stability and
viability of the Company's joint venture participants.
Esrey Energy Ltd.Investor
Relations1-778-373-0103info@esreyenergy.comwww.esreyenergy.com
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