Ryland Oil Corporation

Ryland Oil Corporation

April 30, 2008 08:00 ET

Ryland Oil Acquires Petroleum and Natural Gas Rights in Utah

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 30, 2008) - Ryland Oil Corporation (TSX VENTURE:RYD) is pleased to announce that it has entered into an agreement to acquire a 50% working interest in and to approximately 12,000 acres of petroleum and natural gas leases in eastern Utah, together with all well data, log analyses and other information respecting the play, from Mr. Richard Findley and Beach Petroleum LLC. a private Colorado corporation. The PNG leases are exploration properties with no current production. The purchase price is CDN $300,000 payable on closing. The Company has also agreed to grant to the sellers an overriding royalty on production from the properties at a rate which is variable based on other pre-existing royalty on the properties and which will result in Ryland having an 80% net interest in its 50% working interest in the properties. Mr. Findley is a director and Chairman of Ryland, and declared his 50% ownership interest in the properties being purchased by the Company.

The agreement is subject to regulatory approval.

About Ryland Oil Corporation: Ryland Oil (TSX VENTURE:RYD) is an emerging oil and gas exploration company with more than 300,000 net acres of petroleum and natural gas leases and licenses in Southeast Saskatchewan and North Dakota. Members of the Company's senior management team were instrumental in bringing the previously overlooked Bakken formation into prolific commercial production. Ryland's business plan is to find and exploit similar unconventional resource plays. Go to www.rylandoil.com for more information.

Issued and Outstanding: 151,364,481

The TSX Venture Exchange has not reviewed and does not accept any responsibility for the adequacy or accuracy of this news release, and no regulatory authority has approved or disapproved the information contained herein.

Contact Information

  • Ryland Oil Corporation
    Gerald J. Shields
    (604) 639-4466
    (604) 639-4451 (FAX)
    Website: www.rylandoil.com