Lands End Resources Ltd.

Lands End Resources Ltd.

November 19, 2008 13:48 ET

Lands End Announces Farm-In Participation and Purchase of Pembina Property

CALGARY, ALBERTA--(Marketwire - Nov. 19, 2008) - Lands End Resources Ltd (CNSX:LND) ("Lands End") announces election to participate 100% in completing and equipping 12-36-52-17 W5M well and the purchase of a property in the Pembina region.

Pursuant to the Farm-out Option and Participation Agreement dated March 11, 2008 and the amended agreement dated November 19th, 2008 with Alpetro Resources Ltd., Lands End has tested the 12-36-52-17 W5 Cardium well and has elected to participate 100% in completing and equipping this Block II well. Lands End and Alpetro will enter into a standard Farm-out agreement on the Block II earning well, wherein Alpetro retains a convertible override until payout and 40% after payout. Lands End has earned into both the Block I and Block II properties under the Farm-in agreement.

Lands End also announces that it has signed a purchase agreement to acquire 100% of one and one-half sections of land in the Pembina region with seven Cardium and Belly River wells. The purchase price is $1.8 mm and Lands End has paid a deposit of $180,000. There is a vendor take-back financing for $800,000 at 7% with a balloon payment in 12 months. The remaining purchase price will be paid in a series of cash payments related to corporate cash flow. The property has been producing approximately 20 bopd and there has been very little maintenance on the property for the last ten years. Lands End has commenced a recompletion and refurbishment program on the property.

About Lands End

The Company is a public company that trades on the CNQ. The Company's focus is to explore and develop oil and gas assets focusing on both domestic and international opportunities.

Forward Looking Statements

This news release contains statements about future events that are forward looking in nature and are subject to certain risks and uncertainties such as changes in plans or the occurrence of unexpected events. Actual results may differ from the estimates provided by management. Readers are cautioned not to place undue reliance on these statements.

Contact Information

  • Lands End Resources Ltd.
    Robert L. Pek
    President
    (403) 827-1208
    or
    Lands End Resources Ltd.
    850 505 3rd St. SW,
    Calgary, AB T2P 3E6