Flair Petroleum Corporation

Flair Petroleum Corporation

December 20, 2006 16:26 ET

Flair Petroleum Corporation Signs Sale and Purchase Agreement to Acquire Asphalt Ridge, Utah Tar Sands Project

CALGARY, ALBERTA--(CCNMatthews - Dec. 20, 2006) - Flair Petroleum Corporation (PINK SHEETS:FPMC) reports that it has signed the definitive Sale and Purchase Agreement in regards to the previously announced transaction to purchase a 100% working interest in 760 acres of tar sands leases containing an estimated 58 million barrels of recoverable oil, including processing and refining facilities (the "Project") directly adjacent to the 1380 acres of tar sands leases it recently purchased at the Asphalt Ridge Tar Sands deposit located in the Uinta Basin, Utah. The Company has made a second non-refundable deposit with further deposits due subject to completing its legal and technical due diligence on the Project. The Project includes a 2,800 barrel per day (bopd) bitumen separation facility and refinery which includes a vacuum tower to manufacture high-end products from the bitumen.

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) 266-3186