Newton Energy Corporation

April 29, 2011 17:26 ET

Newton Energy Corporation Announces Year End Results for 2010 and Filings Under National Instrument 51-101

CALGARY, ALBERTA--(Marketwire - April 29, 2011) - Newton Energy Corporation (the "Company" or "Newton") (TSX VENTURE:NTN) is pleased to report its financial results for the year ended December 31, 2010. The audited financial statements and Management's Discussion & Analysis were filed today on SEDAR at The Company is also pleased to announce that pursuant to National Instrument 51-101 ("NI51-101") it has filed its Form 51-101F1 Statement of Reserves Data and Other Oil and Gas Information, Form 51-101F2 Report on Reserves Data by Independent Qualified Reserves Evaluator and Form 51-101 F3 Report on Management and Directors on Oil and Gas Disclosure. The annual and NI 51-101 filings of the Company are available for viewing at

Newton is also pleased to announce that the Board of Directors of Newton Energy have appointed Mr. Steve Engwall, CEO and President, to the board of directors of Newton Energy Corporation effective April 27, 2011.

The Company also announces that its Board of Directors has approved the granting of 490,000 stock options to the Company's directors and officers, subject to regulatory and TSX Venture Exchange approval. The options were issued with an exercise price of $0.23 per share, 280,000 of these options will vest immediately and 210,000 of them will vest after management has achieved certain goals set by the board of directors. All the options have a five year term. Pursuant to applicable securities legislation the options are subject to a four month and one day hold period.

The company is also providing the following update on key areas of progress:

  • CEO Steve Engwall has recruited a highly experienced UK subsurface team who, together with his own petroleum engineering background, have in excess of 100 years combined experience in field exploration and development activities in UK and Europe, both Offshore and Onshore.

  • The management team is focused on high-grading the company's existing East Midlands acreage to identify the two most attractive, low-risk prospects for early drilling. It is expected that drilling operations will commence in the 4th Quarter 2011.

  • Additionally, the Company is looking at several opportunities for farm-in to other near-term exploration drilling activity in Onshore UK and Europe. It will also consider possible acquisition targets that could bring immediate existing onshore production to its portfolio.

'We welcome the deep expertise that Steve Engwall brings to our Board. He has assembled a highly experienced management team that well positions Newton Energy to move forward in realising on its various opportunities', Merv Chia, Chairman.

About Newton

Newton is an emerging oil exploration company with 150,000 acres under license in the East Midlands area of the United Kingdom. Newton maintains offices in Nottingham, England and Calgary, Alberta.


Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "expects", "projects", "plans", "anticipates", and similar expressions, are forward-looking statements that represents management of Newton's internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of Newton. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Newton's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in Newton's filings with the Canadian securities authorities. Accordingly, holders of Newton's shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. Newton disclaims any responsibility to update these forward-looking statements except as required by applicable securities legislation.

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

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