Highview Resources Ltd.
TSX VENTURE : HVW

Highview Resources Ltd.

March 29, 2007 09:00 ET

Highview Announces Property Sale

CALGARY, ALBERTA--(CCNMatthews - March 29, 2007) - Highview Resources Ltd. (TSX VENTURE:HVW) today announced that it has entered into an agreement to sell substantially all of its oil and gas assets to a private company in consideration of the sum of $5.0 million. Subsequent to the closing of the Transaction, Highview will have approximately $3.6 million in cash and no financial obligations other than a commitment to expend and renounce approximately $0.8 million of qualified capital expenditures with respect to flow through shares issued in 2006. These expenditures must be incurred prior to December 31, 2007.

The Transaction is subject to the approval of the TSX Venture Exchange and the Company's Shareholders at a meeting anticipated to be held in mid-May 2007. The agreement requires the closing of the Transaction no later than May 31, 2007.

The asset sale is part of an ongoing restructuring of the Company, which is planned to include the addition of a new management team and the acquisition of a core property prior to the close of the Transaction.

Forward-looking statements - statements included in this press release that are not historical facts may be considered "forward-looking statements." All estimates and statements that describe the Company's objectives, goals or future plans are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties where actual results could differ materially from those currently anticipated.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Highview Resources Ltd.
    R. W. Lamond
    Chairman
    (403) 269-9889
    (403) 269-9890 (FAX)