Ria Resources Corp. Announces Sale of 5% Working Interest and Farmout Agreement in Bonnie Glen Unit
20 Febrero 2012 - 6:25AM
PR Newswire (Canada)
CALGARY, Feb. 22, 2012 /CNW/ - Ria Resources Corp. ("RIA" or the
"Corporation") announces that it has completed the sale of an
undivided five percent (5.0%) working interest in RIA's Bonnie Glen
Cardium "A" Unit # 1 and the related joint lands and joint wells
(the "Bonnie Glen Assets") to an arms-length third party purchaser
(the "Purchaser") for an aggregate of $250,000. RIA has
granted the Purchaser an option (the "Option") to purchase in
aggregate, up to an additional undivided twenty percent (20%)
working interest in the Bonnie Glen Assets. The exercise of
the Option is subject to applicable regulatory approval and is
exercisable by the Purchaser in five percent (5%) increments at
$250,000 per 5% increment until April 1, 2012 (which may be
extended to June 1, 2012). In addition, RIA has entered into
a farm out agreement with the Purchaser under which the Purchaser
may earn an additional undivided 5% working interest in the Bonnie
Glen Assets by providing certain work over and service work for an
aggregate value of services of $250,000 on the Bonnie Glen Assets.
RIA is a company listed and trading on the TSX Venture Exchange,
symbol: RIA. 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 release. Ria Resources Corp. CONTACT: Glenn
HamiltonChief Financial OfficerRIA Resources Corp.Telephone No.
(403) 510-0844
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