NiMin Energy Corp.

NiMin Energy Corp.

November 16, 2009 17:51 ET

NiMin Energy Corp. Announces Purchase and Sale Agreement to Acquire Oil Assets

CARPINTERIA, CALIFORNIA--(Marketwire - Nov. 16, 2009) -


NiMin Energy Corp. (TSX:NNN) ("NiMin" or the "Corporation") is pleased to announce that its subsidiary, Legacy Energy, Inc. ("Legacy"), has entered into a Purchase and Sale Agreement (the "Agreement") with a US company to acquire certain oil producing assets in the US Rocky Mountain region (the "Assets") for a total purchase price of US$27,000,000, prior to closing adjustments. Upon completion of the acquisition, Legacy will assume operatorship of the Assets. Legacy has paid a US$1,000,000 non-refundable deposit to the seller with the remaining US$26,000,000 due upon closing the purchase. The Agreement contains an effective date of December 1, 2009 for the transfer and conveyance of the Assets and the Corporation anticipates closing the acquisition of the Assets prior to December 31, 2009. The parties shall cooperate with each other to seek and obtain all required consents and approvals necessary for the purchase and sale of the Assets.

Summary Information Relating to NiMin and Legacy

NiMin and its subsidiary, Legacy, are headquartered in Carpinteria, California. NiMin is an independent oil and natural gas company with drilling and production operations in the United States.

Cautionary Statements

This news release contains forward-looking statements and information ("forward looking statements") within the meaning of applicable securities laws, including forward-looking statements relating to the closing and effective dates and acquisition of the Assets. Although the Corporation believes that the expectations reflected in its forward-looking statements are reasonable, such statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. These factors and assumptions are based upon currently available information to the Corporation. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements, including whether or not the Assets will ultimately be acquired. Readers are cautioned to not place undue reliance on forward-looking statements. The statements in this press release are made as of the date of this release and, except as required by applicable law, the Corporation does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The Corporation undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Corporation, Legacy or their respective financial or operating results or (as applicable), their securities.

Not for distribution to U.S. Newswire Services or for dissemination in the United States of America. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.

Contact Information

  • NiMin Energy Corp.
    Jonathan S. Wimbish, CFA
    Chief Financial Officer
    (805) 566-2900
    (805) 566-2917 (FAX)