VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 18, 2014) - Goldstrike Resources Ltd. (TSX VENTURE:GSR)(PINKSHEETS:APRAF)(FRANKFURT:KCG1) and Petro One Energy Corp. (TSX VENTURE:POP)(PINKSHEETS:CUDBF)(FRANKFURT:C6K1) are pleased to report that the TSX Venture Exchange (the "TSXV") has approved a joint venture pursuant to which Goldstrike will participate in drilling a series of oil wells on leases controlled by Petro One at South Reston and Kirkella in Southwestern Manitoba, and at Milton in Southeastern Saskatchewan.
The initial program will consist of up to three test wells, with a minimum of two wells, and the arrangement gives Goldstrike the option to participate in a series of success contingent wells. By contributing its cost share, Goldstrike will earn a 50% working interest in each successful well. The initial test well (Well #SR1) is under way at South Reston and the Manitoba government has now issued a drilling license for the second well (Well #SR2) planned for South Reston, which should allow the companies to drill that well before Spring break-up if results from Well #SR1 warrant additional wells at South Reston and a rig is available. Alternatively, the companies will turn their focus to Kirkella and/or Milton post Spring break-up to drill the next well. The Government road ban restrictions that come annually commence on March 11, 2014.
The background to the proposed joint venture, the details of the drilling program and information on the South Reston, Kirkella and Milton properties are set out in detail in the joint news release issued by the companies on November 26, 2013.
|ON BEHALF OF THE BOARD
||ON BEHALF OF THE BOARD
|PETRO ONE ENERGY CORP.
||GOLDSTRIKE RESOURCES LTD.
||"Terrence E. King"
|President & Director
||President & Director
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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.
Certain statements contained herein constitute forward-looking statements or information (collectively "forward-looking statements") within the meaning of applicable securities legislation, including, but not limited to management's assessment of future plans and operations, including: drilling plans and potential locations; expected production levels; development plans; reserves growth; production and operating sales and expenses; reservoir characteristics; the results of applying certain operational development techniques; certain economic factors; and capital expenditures.
Forward looking statements are typically identified by words such as "anticipate", "estimate", "expect", "forecast", "may", "will", "project" and similar words suggesting future events or performance or may be identified by reference to a future date. In addition, statements relating to oil and gas reserves and resources are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves or resources described, as the case may be, exist in the quantities predicted or estimated and can be profitably produced in the future. With respect to forward looking statements herein, the Company has made assumptions regarding, among other things; future capital expenditure levels; future oil and natural gas prices; ability to obtain equipment and services in a timely manner to carry out development activities; ability to market oil and natural gas successfully to current and new customers; the ability to obtain financing on acceptable terms; and the ability to add production and reserves through development and exploitation activities. Although the Company believes that the expectations reflected in the forward-looking statements contained herein, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included herein, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous risks and uncertainties that contribute to the possibility that the forward-looking statements will not occur, which may cause the Company's actual performance and financial results in future periods to differ materially from any estimates or projections. The forward-looking statements contained herein are made as of the date hereof. The Company does not undertake any obligation to, nor does it intend to, publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained herein are expressly qualified by this cautionary statement. In addition, readers are cautioned that historical results are not necessarily indicative of future performance.