Cap-Link Ventures Ltd.

February 02, 2010 09:00 ET

Petrodorado Closes the Acquisition of Holywell Resources S.A.

CALGARY, ALBERTA--(Marketwire - Feb. 2, 2010) -


Cap-Link Ventures Ltd. (the "Company" or "Cap-Link") (TSX VENTURE:CAV) is very pleased to announce that its wholly owned subsidiary Petrodorado Ltd. ("Petrodorado") has closed the previously announced purchase of all of the issued and outstanding shares of Holywell Resources S.A. ("Holywell") from a private vendor for the aggregate cash purchase price of approximately US$6.3 million. Holywell is a private (Panama incorporated) oil & gas company with operations in Colombia, South America.

Holywell owns an undivided 20% working interest in the Buganviles block located in the upper Magdalena Valley in central Colombia. Combined with a previously announced farm-in transaction with Pacific Rubiales Energy Corp., Petrodorado will have a 49.5% working interest in the Buganviles block. The Buganviles block consists of approximately 22,128 hectares (approximately 54,679 acres).

Exploration activity at Buganviles will involve an investment by Petrodorado of approximately US$4.6 million, which will be spent on the drilling of one oil exploration well (targeting 26 degrees to 35 degrees API gravity oil) prior to the end of the second quarter of 2010.

Cautionary Note Regarding Forward-Looking Statements

Except for the statements of historical fact contained herein, the information presented constitutes "forward-looking statements". Such forward-looking statements, including but not limited to anticipated capital expenditures and drilling plans on the Buganviles block, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers are cautioned that the assumption used in the preparation of the forward-looking statements, 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.

The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, the Company disclaim any intention and assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above.

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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