March Resources Corp.
TSX VENTURE : MCF

March Resources Corp.

July 02, 2009 16:45 ET

March Resources Corp. Announces Disposition of Chilean Subsidiaries

CALGARY, ALBERTA--(Marketwire - July 2, 2009) - March Resources Corp. (the "Corporation") (TSX VENTURE:MCF) announces that the Corporation has signed a Purchase and Sale Agreement to dispose of all of the issued and outstanding securities of March South America Holdings Ltd. ("March South America"). March South America is a wholly owned subsidiary of the Corporation, which holds the Special Operations Contracts with the Chilean government for the exploration of the Pica North and Pica South blocks in Northern Chile. During the past two years the Corporation has drilled two wells on the Pica North block, but did not discover commercial accumulations of hydrocarbons.

Under the Purchase and Sale Agreement, the Corporation will transfer of all the shares of March South America to an arm's length purchaser for proceeds related to the assumption of all liabilities of March South America. It is expected that the transaction will close shortly, with an effective date of July 1, 2009. The transaction is conditional upon receipt of certain approvals including final TSX Venture Exchange acceptance. Upon completion of the transaction, trading of the stock in the Corporation may be moved to the NEX board of the TSX-Venture Exchange.

The Corporation also wishes to announce that Mr. Paul Vigneau and Mr. Fred Digert are no longer officers of the Corporation.

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. Trading in the securities of the Corporation should be considered highly speculative.

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