Poplar Creek Resources Inc.
TSX VENTURE : PCK

December 24, 2009 10:59 ET

Poplar Creek Resources Inc. Announces Termination of Farm-In Agreement With Twoco Petroleums Ltd.

CALGARY, ALBERTA--(Marketwire - Dec. 24, 2009) -

NOT FOR DISTRIBUTION IN THE UNITED STATES OF AMERICA

Poplar Creek Resources Inc. ("Poplar Creek") (TSX VENTURE:PCK) announces that the previously announced farm in agreement (the "Farm-in Agreement") with Twoco Petroleums Ltd. ("Twoco") has been terminated effective December 23, 2009. Poplar Creek and its participation partner were unable to raise the minimum funds of $3,025,000 and accordingly the Farm-in Agreement has terminated.

Poplar Creek will continue to develop its plan to participate as to its working interest in the further development of the Smoky Lake property over the course of 2010. As gas prices further improve Poplar Creek will continue to evaluate the Smokey Lake area as well as further opportunities to create shareholder value. Poplar Creek continues to hold a 100% interest in its five section oil sands lease in the Fort McMurray area of Alberta.

Forward Looking Statements:

Certain information set forth in this news release contains forward-looking statements and information ("forward-looking statements"). More particularly, this news release contains statements concerning drilling plans and the purchase and sale of additional interests in Twoco's assets. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Poplar Creek's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Poplar Creek's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so what benefits Poplar Creek will derive therefrom. More detailed information about potential factors that could affect actual results is included in the documents filed from time to time by Poplar Creek on www.sedar.com. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, Poplar Creek 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 forward-looking statements contained in this document are expressly qualified by this cautionary statement.

This news release shall not constitute an offer to sell or the solicitation of any offer to buy securities in any jurisdiction.

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

  • Poplar Creek Resources Inc.
    John Carruthers
    CEO
    (403) 875-1821
    or
    Poplar Creek Resources Inc.
    Richard Edgar
    President
    (403) 616-5387