Newton Energy Corporation
TSX VENTURE : NTN

August 26, 2010 12:38 ET

Newton Energy Corporation Announces Directors and Officers

CALGARY, ALBERTA--(Marketwire - Aug. 26, 2010) - Newton Energy Corporation (the "Company" or "Newton") (TSX VENTURE:NTN) is pleased to announce that all matters placed before meeting of shareholders of the Company held on August 25, 2009 were passed. Merv Chia, Thomas Milne, Bruce Williams, Christopher Hopkins and Richard Schmitt are returning as directors of Newton. Subsequent to the shareholders meeting, the directors made the following appointments:

  • Merv Chia Chairman of the Board;
  • Thomas Milne as Chief Executive Officer; and
  • Barry Sadrehashemi as Vice-President, Finance, Chief Financial Officer and Secretary.

Operations

Mr. Milne provided the meeting with an update on operational matters in the East Midlands Basin.

The Corporation is pursuing drilling permits for three locations within its 150,000 acres of exploration licenses, east of the City of Nottingham.

Harlequin site- the Corporation expects to receive it planning permission from Nottinghamshire County Council with the next few business days.

Cropwell Butler site - Delay in receiving planning permission is mainly due to highways issues in the area. We may receive planning approval subject to conditions imposed by the Highways Agency, but cannot start work until all conditions are met. There is a major highways construction project near the site, which is causing traffic concerns. It will likely take more than two months before being able to get access to the site for site preparation.

Sedgebrook site- in Lincolnshire, also on a busy highway and near a rail line, we originally filed for planning permission in December 2009. The application was re-filed recently and is moving through the clearance process in good order. The public consultation period is over, but other communities and agencies have raised questions which we are addressing.

Project Management

The Corporation has engaged several established, experienced consulting firms to assist with the development process. Overall project management, contracts, well design, procurement and supplier contracts and pricing will be done by Moorhouse Petroleum. Planning Permission work is being managed by bartonwillmore. Traffic and noise issues are worked by BWB Consultants. We are actively seeking an experienced UK based onshore geologist to join the team. The Corporations two officers work closely with our consultants to coordinate efforts and keep work flow on track.

Drilling

We are in late stage negotiation with a family owned corporation from Ireland to do site preparation, set surface casing and drill the wells. Meehan Drilling have acquired a Schramm single mast top drive rig with built in pipe handling capability. The rig has been imported into England and is currently being inspected, tested and cleared for work in UK.

Next Steps

With planning permission in hand, we can apply to the Department of Energy and Climate Change ("DECC"), for permission to drill. This process normally takes 28 days. Health, Safety and Environment Agency will also get involved at this stage.

DECC has announced that the next round of onshore licensing will likely begin in February 2011. We will want to participate.

Second Quarter Financial Statements

The Corporation has filed its second quarter financial statements on SEDAR.

About Newton

Newton is an emerging oil exploration company focused on the underdeveloped basin in the East Midlands area of the United Kingdom, a contiguous area covering 100,000 acres located to the Southwest of the city of Nottingham. Newton has an additional licence covering an additional and adjacent 50,000 acres jointly with another UK company. With its 150,000 acres of exploration licences on six contiguous blocks, management believes it will become a leading onshore United Kingdom oil company. Newton maintains offices in Nottingham, England and Calgary, Alberta.

ADVISORY:

Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "expects", "projects", "plans", "anticipates", and similar expressions, are forward-looking statements that represents management of Newton's internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of Newton. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Newton's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in Newton's filings with the Canadian securities authorities. Accordingly, holders of Newton's shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. Newton disclaims any responsibility to update these forward-looking statements except as required by applicable securities legislation.

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.

Contact Information

  • Newton Energy Corporation
    Barry Sadrehashemi
    CFO
    (403) 410-3822
    barry@newtonenergy.ca
    or
    Newton Energy Corporation
    200, 638 - 11th Avenue SW
    Calgary, Alberta T2R 0E2