Marauder Resources East Coast Inc.

Marauder Resources East Coast Inc.

July 09, 2009 15:00 ET

Marauder Resources Sells Deep Panuke Interests

CALGARY, ALBERTA--(Marketwire - July 9, 2009) - Marauder Resources East Coast Inc. ("Marauder" or the "Corporation") (TSX VENTURE:MES) has sold its interest in certain zones in Production Licence 2901, offshore Nova Scotia, to EnCana Corporation, the operator and developer of the Deep Panuke natural gas field.

Under the agreement, Marauder receives cash consideration and a stepped, gross overriding royalty with respect to the proceeds of any future production from two currently non-producing exploration licences offshore Greenland where EnCana, as operator of the licences, has conducted some preliminary exploration work. EnCana acquires Marauder's 50 percent interest in those zones of Production Licence 2901 which are believed to comprise a minor portion of the Deep Panuke natural gas field. First Deep Panuke production is expected in late 2010.

Marauder is a Canadian junior oil and gas company engaged in the exploration and development of oil and natural gas reserves, with a strategy of acquiring high-impact drilling prospects with world class reserves potential. Maruader's common shares trade on the TSX Venture Exchange under the symbol MES. Further information with regards to Marauder may be found on the SEDAR website or on Marauder's website

Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Marauder Resources East Coast Inc.
    Robert V. Shields
    (403) 262-3907
    Marauder Resources East Coast Inc.
    720, 440 - 2nd Avenue S.W.
    Calgary, Alberta T2P 5E9