Wyn Developments Inc.

Wyn Developments Inc.

June 08, 2007 00:15 ET

Wyn Developments Inc. Engages Reliance Engineering Group Ltd. for NI 51-101 Compliant Reserves Evaluation

Announces CAD $700,000 Non-Brokered Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 8, 2007) - Wyn Developments Inc. (the "Company") (TSX VENTURE:WL)(PINK SHEETS:WYDPF)(FRANKFURT:YXE) announces Calgary based Reliance Engineering Group Ltd. is currently preparing the Company's National Instrument 51-101 compliant report on natural gas reserves data.

This asset reserve evaluation is a vital step towards accurately assessing the contributing ratios of each participating entity in the previously announced plan to form a business combination with several of the Company's northeastern British Columbia, Canada, natural gas development project partners; Bighorn Petroleum Ltd. (TSX VENTURE:BHP), Flying A Petroleum Ltd. (TSX VENTURE:FAB), and Tenaka Drilling Consortium Ltd. It is anticipated this reserve evaluation will be completed and released to shareholders by mid to late June. The NI 51-101 reserve evaluation will provide the regulatory compliant data required to accurately finalize the parameters of the proposed business combination in a plan of arrangement. The plan of arrangement will provide a complete and accurate picture of the business combination to all participants' shareholders. According to the current timeline, the plan of arrangement is anticipated to be released to shareholders by mid July. Shareholders will then be asked to vote on the transaction in the respective participant's shareholders meetings, anticipated late August. The approximate timeline for this business combination would see the transaction close late September, early October subject to regulatory approvals.

In addition, the Company is announcing a private placement of up to 3.5 million units at CAD $0.20 for gross proceeds of up to CAD $700,000 to finance the aforementioned process. Each unit consists of one share and one purchase warrant exercisable at $0.35 for a period of two years from closing, subject to regulatory approval. These funds are anticipated to adequately cover the associated operating costs through closing of the proposed business combination, including NI 51-101 compliant resource evaluations, financial, legal and accounting costs, as well as working capital. Dave McMillan, President & CEO of the Company, is subscribing for CAD $35,000 or 175,000 units.

A portion of the previously announced private placement (April 16, 2007) of up to 4 million units priced at CAD $0.25 was closed in part and the available balance has expired. The Company raised CAD $175,000 at $0.25 per unit totaling 700,000 units. Each unit consists of one share and one purchase warrant exercisable at CAD $0.35 for a period of two years. Dave McMillan, President and CEO of the Company, subscribed for CAD $125,000 or 500,000 units at CAD $0.25.

Finders fees may be payable in accordance with TSX Venture Exchange policies.

In addition, the TSX Venture Exchange has consented to the extension in the expiry date of the following warrants from last year's private placements:

2,485,157 warrants, exercisable at CAD $0.50. The original expiry date was May 25, 2007. The new expiry date is May 25, 2008.

2,748,571 warrants, exercisable at CAD $0.45. The original expiry date was September 25, 2007. The new expiry date is September 25, 2008.

8,196,000 warrants, exercisable at CAD $0.50 for 501,000 warrants and $0.45 for 7,695,000 warrants. The original expiry date was November 29, 2007. The new expiry date is November 29, 2008.


Wyn Developments Inc. is a western Canadian focused junior resource exploration company. The Company's primary activities include three natural gas development properties; the Prophet River, Bougie Trutch, and Trutch East projects, which include three Triassic Halfway Development wells now in production. The Company is currently engaged in forming a business combination with three partners of these properties to create a new junior Canadian natural gas development company.

On Behalf of the Board,


David McMillan, President & CEO


This press release may contain forward-looking statements including expectations of future production. More particularly, this press release contains statements concerning Wyn Developments Inc. future production estimates, expansion of oil and gas property interests, exploration and development drilling, regulatory applications, payout estimates, capital expenditures, and drilling locations to be drilled in 2006. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ from those anticipated. These risks include, but are not limited to: the risks associated with the oil and gas industry (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price, price and exchange rate fluctuation and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Additional information on these and other factors that could affect Wyn's operations or financial results are included in Wyn Development's reports on file with Canadian securities regulatory authorities. The forward-looking statements or information contained in this news release are made as of the date hereof and Wyn Developments 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. Oil and Gas Advisory. This press release contains disclosure expressed as "Boe/d". All oil and natural gas equivalency volumes have been derived using the ratio of six thousand cubic feet of natural gas to one barrel of oil. Equivalency measures may be misleading, particularly if used in isolation. A conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the well head.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Wyn Developments Inc.
    Tom Brady
    North America
    (604) 685-5851 or Toll Free: 1-888-685-5851
    Wyn Developments Inc.
    Chad McMillan
    North America
    (604) 685-5851 or Toll Free: 1-888-685-5851
    Wyn Developments Inc.
    Dave McMillan
    North America
    (604) 685-5851 or Toll Free: 1-888-685-5851
    (604) 685-7349 (FAX)
    Email: ir@urg.ca
    Website: www.wyndevelopments.ca
    Small Cap Invest Ltd.
    Alexander Friedrich
    49 (0) 69-24 24 93 49
    49 (0) 12 12 544 71 04 62 (FAX)
    Email: afriedrich@small-cap-invest.com
    Yes International Inc.
    Rich Kaiser
    United States
    (757) 306-6090 or 1-800-631-8127
    (757) 306-6092 (FAX)
    Email: rich@yesinternational.com