VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 9, 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 conditionally approved Goldstrike's proposed joint venture with Petro One to drill a series of oil wells on leases controlled by Petro One in Southwestern Manitoba and Southeastern Saskatchewan.
Final approval will be subject to TSXV acceptance of the usual filings required under Policy 5.3, "Acquisitions and Dispositions of Non-cash Assets", including (i) a Geological Report on the South Reston property, where the first well is proposed to be drilled; (ii) a Financial Plan or other evidence that demonstrates that Goldstrike has or will have on closing the financial resources to close the transaction; and (iii) evidence of value supporting Goldstrike's proposed financial contribution to the joint venture. Follow-up submissions have been made in respect of those requirements.
The companies are also pleased to report that the Manitoba government has issued a drilling license for the first oil well (Well #SR1) proposed to be drilled at South Reston. 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 the joint news release issued by the companies on November 26, 2013.
|ON BEHALF OF THE BOARD
PETRO ONE ENERGY CORP.
President & Director
|ON BEHALF OF THE BOARD
GOLDSTRIKE RESOURCES LTD.
"Terrence E. King"
President & Director
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.