Flair Petroleum Corporation

Flair Petroleum Corporation

December 18, 2006 11:51 ET

Flair Petroleum Corporation Completes Acquisition of Tar Sands Leases in Asphalt Ridge, Utah

CALGARY, ALBERTA--(CCNMatthews - Dec. 18, 2006) - Flair Petroleum Corporation (PINK SHEETS:FPMC) reports the Company has completed its acquisition of its 100% working interest in tar sands leases consisting of 1138 acres in the Asphalt Ridge Tar Sands deposit from the surface down to 1000 vertical feet, located in the Uinta Basin, Utah (the "leases").

Flair's business strategy in the Uinta Basin is to combine these leases with the adjoining 760 acre property consisting of approximately 58 million barrels of recoverable reserves and associated processing facilities with which it has recently entered into a letter of intent to acquire. Subject to satisfactory legal and technical due diligence, Flair intends to acquire these adjoining assets at the initial development stage and process the bitumen into products which have ready access to end-user markets.

This news release includes forward-looking statements that reflect Flair Petroleum Corporation's current expectations about its future results, performance, prospects and opportunities. Flair Petroleum Corporation has tried to identify these forward-looking statements by using words and phrases such as "may", "will", "expects", "anticipates", "believes", "intends", "estimates", "should", "typical", "we are confident" or similar expressions. These forward- looking statements are based on information currently available to Flair Petroleum Corporation and are subject to a number of risks, uncertainties and other factors that could cause the corporation's actual results, performance, prospects of opportunities in the remainder of 2006 and beyond, to differ materially from those expressed in, or implied by, these forward-looking statements.

Contact Information

  • Flair Petroleum Corporation
    Investor Relations
    (403) 399-3186