Newstrike Resources Ltd.
TSX VENTURE : NR

Newstrike Resources Ltd.

October 01, 2010 08:30 ET

Newstrike Participates in Alberta Exploration Oil and Gas Play

TORONTO, ONTARIO--(Marketwire - Oct. 1, 2010) - Newstrike Resources Ltd. (TSX VENTURE:NR) ("Newstrike") is participating with a group of private oil companies in the drilling of an oil and gas exploration project near the town of Camrose Alberta. Newstrike has elected a 20% participation in the play which involves 1600 acres of Crown and Freehold mineral leases.

There are two main oil target zones in the Joarcam prospect; these are the Devonian Wabamun and the Devonian Beaverhill Lake formation. Several shallower zones produce gas in the region and are a secondary target in the test well.

The Joarcam prospect is centered on a structural fracture underlying section 11 and 14-48-21 S4 on the southwestern side of the Joarcam Viking Oil Pool. The structure is defined by both drilling in the area as well as 17 miles (27 km) of modern seismic data.

The test well will be drilled to a depth of 1725 meters (5660 ft) and will be completed before year end.

Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Newstrike, including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with mineral exploration and mining activities, currency fluctuations, dependence upon regulatory approvals, the availability of future financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

NEITHER THE 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

  • Newstrike Resources Ltd.
    John A. Pollock
    President and CEO
    (416) 628-6556
    or
    Newstrike Resources Ltd.
    Donald Rankin
    Director
    (416) 628-6556
    www.newstrikeresources.com