VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 10, 2013) - CaiTerra International Energy Corporation ("CaiTerra" or the "Company") (TSX VENTURE:CTI) is pleased to announce that it has completed the sale of an additional 25% interest in certain undeveloped mineral rights in the Faust area of Alberta (the "Faust Property") to an arm's length Alberta private company (the "Purchaser").
The Faust Property was acquired by CaiTerra on December 14, 2012 and is located just north of the prolific Swan Hills oil field and west of Black Pearl Resources Inc.'s Mooney Pool producing oil property and south of the Town of Slave Lake. The lands forming the Faust Property are Crown leases with varying expiry dates. The Faust Property comprises approximately 12,400 net acres (approximately 20 sections) of lands of interest that are not subject to expiry for the next 3 years and a further 560 net acres (0.88 of a section) of lands of interest that have been continued through to the end of March 2014.
The disposition was completed in accordance with the terms of a definitive purchase and sale agreement entered into with the Purchaser. At closing, in consideration for a cash payment of CDN $1,000,000 (subject to adjustments), the Purchaser purchased an additional 25% interest in and to the Faust Property with the result that CaiTerra and the Purchaser now each own a 50% interest in the Faust Property. Further details regarding the terms of the transaction are set out in the definitive purchase and sale agreement which will be filed on CaiTerra's profile on SEDAR at www.sedar.com.
Neither the 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.