Probe Resources Ltd.
TSX VENTURE : PBR.H

Probe Resources Ltd.
Rooster Energy, LLC

April 09, 2012 19:59 ET

Probe Resources Ltd. and Rooster Energy, LLC Announce New Offshore Gulf of Mexico Oil and Gas Discovery and Closing of the Acquisition of Remaining, Non-Operating Interest at Vermilion 376 Field

CALGARY, ALBERTA--(Marketwire - April 9, 2012) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.

Probe Resources Ltd. ("Probe") (TSX VENTURE:PBR.H) and Rooster Energy, LLC ("Rooster") announced today that Rooster has made a new oil and gas discovery at its Vermilion Block 376 Field. Production casing has been set and will be batch completed following the drilling of the A-5 development oil well. It is anticipated that the A-4 well will begin production in early May, 2012, along with re-commencement of production from the existing field wells and Rooster's earlier announced A-3 discovery well. Rooster serves as operator of Vermilion Block 376 and owns a seventy (70%) percent working interest in the A-3 and A-4 wells.

Rooster has closed its acquisition of an additional fifty percent (50%) working interest at its Vermilion 376 oil field on March 31, 2012. With this acquisition, Rooster owns a 100% working interest in the existing platform and facilities, including the A-1 and A-2 oil wells and the currently drilling A-5 development well.

Robert Murphy, Chief Executive Officer of Rooster commented, "The recent activity at our Vermilion 376 oil field, including the exploratory successes at the A-3 and A-4 wells, in combination with the addition of proved and probable oil reserves just acquired, add value to Rooster's overall reserve base."

As previously announced, Probe, Morrison Energy Group, LLC, Rooster Resources, LLC, K2 Principal Fund L.P. and Rooster Probe GOM Oil & Gas Ltd. have entered in an agreement dated February 22, 2012 pursuant to which Rooster would be indirectly acquired by Probe pursuant to a plan of arrangement under the Business Corporations Act (Alberta). Completion of the arrangement remains subject to certain conditions, including the completion of the announced subscription receipt financing by Rooster Probe GOM Oil & Gas Ltd. the approval of the TSXV and the receipt of required shareholder approvals by Probe.

United States Securities Matters

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities of Probe and Rooster Probe GOM Oil & Gas Ltd. have not been and will not be registered under the United States Securities Act of 1933, as amended (the "US Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Forward Looking Statements

This press release contains forward-looking statements. More particularly, this press release contains statements concerning the anticipated timing of the commencement of production from the A-4 well.

The forward-looking statements contained in this document are based on certain key expectations and assumptions, including expectations and assumptions concerning the timing of the completion of the steps necessary to bring the A-4 well into production.

Although it is believed that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because they may not prove to be correct.

The forward-looking statements contained in this document are made as of the date hereof and Probe undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Contact Information

  • Probe Resources Ltd.
    David Elgie
    President and Chief Executive Officer
    (250) 816-3297

    Rooster Energy, LLC
    Robert Murphy
    Chief Executive Officer
    (832) 772-6313