DeeThree Exploration Ltd.
TSX VENTURE : DTX

DeeThree Exploration Ltd.

April 20, 2010 11:14 ET

DeeThree Announces Two Year Extension to Lethbridge Commitment Agreement

CALGARY, ALBERTA--(Marketwire - April 20, 2010) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

DeeThree Exploration Ltd. ("DeeThree" or the "Company") (TSX VENTURE:DTX) is pleased to announce it has signed a two year extension to an Amended Lease Agreement which is part of a lease issuance, seismic and drilling commitment agreement (the "Commitment Agreement") dated November 15, 2008 with an arm's length senior Canadian oil and gas producer.

The Commitment Agreement involves DeeThree's oil and gas assets located in the Lethbridge area of southern Alberta, which includes 209,000 net undeveloped acres. The amendment involves a commitment to drill an additional 20 wells into the Mississippian horizon over an additional two year period ending November, 2013.

This two year extension is of significant importance to DeeThree as it provides even more flexibility in its future development plans in the Lethbridge area. The Company is now better positioned to extend its evaluations and intensify the development of a number of highly successful multi-zone targets already identified by its exploration group.

The continuation of a successful drilling program and an extensive 3D seismic project are currently underway in the greater Lethbridge area. A detailed operational update is expected to be released shortly upon the completion of this phase of operations.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this press release may constitute forward-looking statements. These statements relate to future events or DeeThree's future performance. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. DeeThree believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon by investors. These statements speak only as of the date of this press release and are expressly qualified, in their entirety, by this cautionary statement.

In particular, this press release contains forward-looking statements, pertaining to the release of future operation updates.

With respect to forward-looking statements contained in this press release, DeeThree has made assumptions regarding, among other things: the legislative and regulatory environments of the jurisdictions where DeeThree carries on business or has operations, the impact of increasing competition, and DeeThree's ability to obtain additional financing on satisfactory terms.

The continuation and success of DeeThree's drilling program and seismic project and DeeThree's actual results could differ materially from those anticipated in these forward-looking statements as a result of risk factors that may include, but are not limited to: volatility in the market prices for oil and natural gas; uncertainties associated with estimating reserves; geological, technical, drilling and processing problems; liabilities and risks, including environmental liabilities and risks, inherent in oil and natural gas operations; incorrect assessments of the value of acquisitions; competition for, among other things, capital, acquisitions of reserves, undeveloped lands and skilled personnel.

This forward-looking information represents DeeThree's views as of the date of this release and such information should not be relied upon as representing its views as of any date subsequent to the date of this release. DeeThree has attempted to identify important factors that could cause actual results, performance or achievements to vary from those current expectations or estimates expressed or implied by the forward-looking information. However, there may be other factors that cause results, performance or achievements not to be as expected or estimated and that could cause actual results, performance or achievements to differ materially from current expectations. There can be no assurance that forward-looking information will prove to be accurate, as results and future events could differ materially from those expected or estimated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

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.

Contact Information

  • DeeThree Exploration Ltd.
    Martin Cheyne
    President and Chief Executive Officer
    (403) 263-9130