Kinetex Resources Corporation

Kinetex Resources Corporation

June 04, 2009 06:00 ET

Kinetex Provides Clarification

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 4, 2009) - Kinetex Resources Corp. (TSX VENTURE:KTX) (the "Company" or "Kinetex") wishes to (provide clarification of) clarify certain points pertaining to its news release dated June 2, 2009.

The Company announced current committed service contracts exceeding CAD $20 million. These contracts are broadly spaced among the Company's business segments in energy and resource exploration, with notably strong activity in South America. These contracts are to provide 3D subsurface seismic imaging and processing services to a consortium of private oil and gas exploration clients in North and South America. The work programs will commence in July 2009 and are scheduled to be completed by February 2010. The Company will receive progress draws throughout the duration of the programs as work progresses.

The Company also announced additional solicitations currently under development or negotiation exceeding $45 million for 2009/2010. While management remains optimistic pertaining to future awarded prospects, shareholders are cautioned that there can be no guarantee or assurance that the Company will be the successful bidder in any or all of these solicitations.

Although the past year has proved challenging at times for stakeholders, clients, suppliers and shareholders alike, the current outlook for 2009 and 2010 is one of cautious optimism. The Company enjoys several market advantages - multiple geological markets and industry niches, a superior technical product, and motivated, experienced personnel - which will allow it to continue to forge a path of sustaining improvement in all facets of its business.

About Kinetex

Kinetex is an oil, gas and mineral exploration services company with offices in Vancouver, BC, Calgary, Alberta and Bogota, Colombia. Through its subsidiaries, Kinetex provides data-rich high resolution subsurface images - essentially a brand-new exploration tool - to the energy, metals and minerals exploration and development industries seeking to go beyond the limitations of traditional data acquisition methods.

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. The Company seeks safe harbour.

Contact Information

  • Kinetex Resources Corporation
    Gil Schneider
    Chief Executive Officer
    604-484-5761 or Toll-Free: 1-888-484-5761
    604-484-5760 (FAX)