CALGARY, ALBERTA--(Marketwire - Oct. 28, 2011) -
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Wilton Resources Inc. (the "Corporation") (TSX VENTURE:WIL.P) is pleased to announce that it has completed the purchase of a 75% non-operating interest in a certain oil and gas property (the "Property") of Cascade Resources Inc. ("Cascade") located in Monitor, Alberta (the "Acquisition") constituting its qualifying transaction (the "Qualifying Transaction") under the applicable policies of the TSX Venture Exchange (the "TSX-V") (see the press releases of the Corporation dated October 13th and October 19th and the Corporation's filing statement dated October 19, 2011 (the "Filing Statement"), all as filed on the Corporation's SEDAR profile, for further details). Pursuant to the terms of the Acquisition, which was negotiated at arm's length, the Corporation purchased, on industry standard terms and conditions, a 75% non-operating interest in the Property, and all wells and tangibles associated with such interest for an aggregate purchase price of $825,000. The purchase price was paid through the issuance of 1,076,923 common shares ("Common Shares") of the Corporation to Cascade at a deemed price of $0.65 per Common Share, with the remaining $125,000 paid in cash by way of a deposit which was released from escrow on closing of the Acquisition. The Common Shares are subject to a hold period expiring on February 29, 2012.
Assuming that all TSX-V conditions are satisfied, it is expected that the Corporation will be reinstated for trading under the stock symbol "WIL" on or about November 1, 2011.
Following completion of the Qualifying Transaction, the board of directors (the "Board") of the Corporation consists of Richard G. Anderson, Stuart B. McDowall, Darryl J. Raymaker, Allen F. Emes and Roy MacLaren. The officers of the Corporation are:
Richard G. Anderson - Chief Executive Officer and Corporate Secretary
Kenneth Rutherford - Chief Financial Officer
Gerald W. Welsh - President and Chief Operating Officer
Emmanuel Malterre - Vice President, Exploration
Summaries of the biographies for all of the directors and executive management of the Corporation are set out in the Filing Statement available for review under the Corporation's SEDAR profile at www.sedar.com.
The Board wishes to confirm the corporate strategy going forward. The business plan of the Corporation was and continues to be the investment and acquisition of large international oil and gas assets and to engage in international exploration and development. The Board has reviewed a number of potential international projects, but has not entered into any agreements in principal with respect to those projects. Upon completion of the Acquisition, the Corporation will continue to pursue its international oil and gas acquisition strategy.
FORWARD-LOOKING INFORMATION
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Corporation's current beliefs or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this press release contains forward-looking information relating to the satisfaction of the issuance of the final exchange bulletin in respect of the Qualifying Transaction, the listing of the Common Shares and the ongoing nature of the Corporation's business. The final exchange bulletin will not be issued if the TSX-V determines that the Corporation has not met the conditions set out in the TSX-V's conditional approval letter. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Corporation. The material factors and assumptions include the ability of the Corporation to meet the conditions for listing of the TSX-V and that the continuation of the Corporation's current business strategy remains in the best interest of the Corporation. The Corporation cautions the reader that the above list of risk factors is not exhaustive. The forward-looking information contained in this release is made as of the date hereof and the Corporation is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Due to the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
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.
Contact Information:
Richard G. Anderson
Chief Executive Officer and Corporate Secretary
(403) 619.6609