Probe Resources Ltd.
TSX VENTURE : PBR

Probe Resources Ltd.

November 08, 2007 13:37 ET

Probe Resources Ltd. Announces MMS Qualification and the Conclusion of Additional Lease Interests

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 8, 2007) -

NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Probe Resources Ltd. (TSX VENTURE:PBR) (the "Company") announced today that its wholly-owned subsidiary, Probe Resources US Ltd., received qualification from the Minerals Management Service (the "MMS") of the United States Department of the Interior to bid for, acquire, receive and hold outer continental shelf ("OCS") leases (including record title interest or operating rights) as a lessee, to be designated operator of a lease, and to receive and hold pipeline rights-of-way and rights-of-use easements in the Gulf of Mexico. Probe Resources US Ltd. will be applying for MMS approval of its leasehold interest in High Island Block 115 lease (the "Lease").

The Company also announced that Probe Resources US Ltd. has concluded its arrangement to acquire additional interests in the Lease, as announced on August 24, 2007. The additional interests were acquired from Venture Capital Asset Management AG ("Venture"), an arm's length company registered in Liechtenstein, and not from Chunuk Financial Ltd., as previously announced. Pursuant to the agreement entered into with Venture, Probe Resources US Ltd. acquired an additional 13.4291% working interest and 10.0751% net revenue interest (the "Acquisition") in the Lease in exchange for consideration of 3 million common shares in the capital of the Company. The Acquisition will result in Probe Resources US Ltd. holding a 47.0231% working interest and a 35.2626% net revenue interest in the Lease.

The Acquisition is subject to regulatory approval, including approval from the MMS and the TSX Venture Exchange.

BY ORDER OF THE BOARD

Bruce Ganer, Director

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this News Release.

Contact Information

  • Probe Resources Ltd.
    Bruce Ganer
    Director
    (604) 638-1255
    (604) 638-1265 (FAX)