Festino Venture Corp.

June 06, 2006 17:01 ET

Festino Updates News Release of May 12, 2006

CALGARY, ALBERTA--(CCNMatthews - June 6, 2006) -

(Not intended for Dissemination in the United States):

Festino Venture Corp. (TSX VENTURE:FTO.P) ("Festino" or the "Corporation") wishes to update the news release disseminated on May 12, 2006 by announcing that it has now received a geological report (the "Report") entitled Evaluation of Exploration Prospect, South Linklater (Bakken) Area, Manitoba authored by Chapman Petroleum Engineering Ltd. ("Chapman"), an independent petroleum engineering and consulting firm, and dated effective January 1, 2006. In general, the Report supports the exploration program proposed by the Corporation in the aforementioned press release and other documents filed on SEDAR, including the Information Circular dated May 11, 2006. The full Report may be viewed on the SEDAR website at www.sedar.com.

The Report estimates that the total gross capital development expenditures for 2 wells will be $810, 000 ($405,000 net to the Corporation) as presented in the Report, and that total abandonment and restoration costs (net of salvage) would approximate $70,000 ($35,000 net to the Corporation). Chapman has estimated the "risked" probability of the success of the project at 26 percent. In establishing the probability of success, consideration has been given to both geological and engineering factors.

The TSX Venture Exchange Inc. does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Festino Venture Corp.
    John Garden
    (403) 265-4973
    (403) 265-4514 (FAX)