Kristina Capital Corp.
TSX VENTURE : KCA.P

May 01, 2009 14:03 ET

Kristina Capital Corp. Announces Winter Exploration Program Results, Filing of Oil and Gas Disclosure and Rectification Agreement With Radius Resources and Midway Gas Corp.

CALGARY, ALBERTA--(Marketwire - May 1, 2009) - Kristina Capital Corp Ltd. ("Kristina") (TSX VENTURE:KCA.P) is pleased to announce that the Corporation has filed its Annual Financials and Management Discussion and Analysis for the year ended December 31, 2008. The Corporation has also filed its Form 51-101F1 - Statement of Reserves Data and Other Oil and Gas Information, and Form 51-101F3 - Report of Management and Directors on Oil and Gas Disclosure, under National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities. The oil and gas information can be accessed electronically from the SEDAR website at www.sedar.com.

The Corporation does not presently have any categorized proved reserves or probable reserves in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities.

The most recent winter drilling program in Saskatchewan has been completed and included the drilling of nine wells that satisfy the work commitments to the Saskatchewan Government as well as the carried interest commitments with Midway Gas Corp.

A total of nine test wells were drilled and cased to the base of the Mannville formation at an approximate depth of 350m. These test wells were all logged and all have indications of gas being present showing a petroleum system in the area. Two of the wells had some initial completion operations performed, and were successful in identifying the presence of natural gas. Further completion operations are required to determine commerciality of such gas indicators. As such the natural gas that is present over these vast lands is still considered as a "Gas Resource" without assignable reserves. Kristina now holds a 75% interest in the Porcupine lands as Radius Resources Corp. ("Radius") has assigned its interest to Kristina in exchange for, among other things, Kristina agreeing to fulfill all remaining requirements with Midway Gas Corp. This has been confirmed with a Settlement and Assignment Agreement dated April 29, 2009 between Kristina, Radius and Midway.

ADVISORY: Certain information in this press release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expects" and similar expressions. Forward-looking statements in this press release include, but are not limited to, statements with respect to the closing or completion of the referenced transactions. Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward looking statements contained in this press release are expressly qualified by this cautionary statement.

The forward-looking statements contained in this news release are made as of the date of this news release, and Kristina does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.

Neither 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.

Contact Information

  • Kristina Capital Corp Ltd.
    Murray Atkins
    Director
    (403) 816-3555