SOURCE: Vortex Resources Corp

Vortex Resources Corp

February 03, 2009 14:46 ET

Vortex Expands Negotiations to Purchase 100% of ITFI

BEVERLY HILLS, CA--(Marketwire - February 3, 2009) - Vortex Resources Corp. (the "Company") (OTCBB: VTEX) is pleased to announce it has expanded negotiations to purchase all of the outstanding shares of International Treasure Finders Incorporated ("ITFI"). The Company previously announced the entering of a non-binding term sheet to acquire 80% of IFTI.

ITFI owns the mineral rights for 481 acres in Woodward County, Oklahoma. This acreage is currently being explored via a joint venture agreement with Chesapeake Exploration Limited, which is entitled to drill up to five wells. Chesapeake Exploration Limited is a subsidiary of Chesapeake Energy, which is the number one producer of natural gas in the nation and the most active driller of new wells in the U.S.

When asked about the transaction, the Company's CEO, Yossi Attia, remarked, "We are excited to potentially be involved with Chesapeake in the development of the 481 acres in Woodward County, Oklahoma."

The above transaction is subject to the receipt of a reserve report, drafting and negotiation of a final definitive agreement, performing due diligence as well as board approval of the Company. As such, there is no guarantee that the Company will be able to successfully close the above transaction.

Vortex is an emerging resources company with current operations in West Texas and Beverly Hills, California. The Company's focus is on the acquisition, exploration, and development of undervalued assets. The Company's objective is to find, acquire and develop resources at the lowest cost possible and recycle its cash flows into new projects yielding the highest returns with controlled risk.

Contact Information

  • Contact:
    Darren Dunckel