First Newgate Petroleum Resources Co. Ltd.
First Newgate Petroleum Resources Co. Ltd.: News
First Newgate Petroleum Resources Co. Ltd. / Key word(s): Letter of Intent First Newgate Petroleum Resources Corp. Ltd. Update April 24, 2012 First Newgate Petroleum Resources Corp. Ltd., A BVI Company and its CEO/CFO are pleased to announce that First Newgate signed a Letter of Intent with Fossil Energy, Inc., a Delaware Corporation to purchase existing and future wells for drilling in Natrona County, Wyoming, USA. The Property commonly known as West Salt Creek encompasses over 4,700 acres and will have a purchase price of $6,590,000 comprised of a combination of cash and the Company’s common shares. The property currently has 18 wells producing about 40 barrels per day (‘BOPD’), which is expected to increase to about 90 BOPD with work underway. Revitalization plans calls for a budget of $1.1 million USD in order to increase production on these 18 existing wells to over 180 BOPD, to tap into the Probable Undeveloped Reserves in excess of 700,000 barrels of recoverable oil. First Newgate and Fossil Energy will enter into a Definitive Agreement which, inter alia, will provide for Fossil Energy to sells its common shares in the Company in an orderly manner commencing after a holding period of up to two years after the close of the transaction. First Newgate Petroleum is consistently developing oil and gas prospects that have a solid geological foundation. We have assembled a team of regional experts to evaluate our projects from inception to completion. By taking advantage of technological innovations, we are strategically recovering domestic oil and gas reserves. Cautionary Note Regarding Forward-looking Statements Certain statements contained in this news release may constitute forward-looking information, within the meaning of Frankfurt Securities laws. Forward-looking information may relate to this news release and other matters identified in the Company’s public filings, Forward-looking information and anticipated events or results and can be identified by terminology such as ‘may’, ‘will’, ‘could’, ‘should’, ‘expect’, ‘plan’, ‘anticipate’, ‘believe’, ‘intend’, ‘estimate’, ‘projects’, ‘predict’, ‘potential’, ‘continue’ or other similar expressions concerning matters that are not historical facts and include, but are not limited in any manner to, those with respect to capital and operating expenditures, economic conditions, availability of sufficient financing, receipt of approvals, satisfaction of closing conditions and any and all other timing, development, operational, financial, economic, legal, regulatory and/or political factors that may influence future events or conditions. Such forward-looking statements are based on a number of material factors and assumptions, including, but not limited in any manner, those disclosed in any other public filings of the Company, and include the ultimate availability and final receipt of required approvals, sufficient working capital for development and operations, access to adequate services and supplies, availability of markets for products, commodity prices, foreign currency exchange rates, interest rates, access to capital markets and other sources of financing and associated cost of funds, availability of a qualified work force, availability of manufacturing equipment, no material changes to the tax and regulatory regime and the ultimate ability execute its business plan on economically favourable terms. While we consider these assumptions to be reasonable based on information currently available to us, they may prove to be incorrect. Actual results may vary from such forward-looking information for a variety of reasons, including but not limited to risks and uncertainties disclosed in other Company filings and other unforeseen events or circumstances. Other than as required by law, the Company does not intend, or undertake any obligation to update any forward looking information to reflect, among other things, new information or future events. Neither the Frankfurt Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. For more information on the Company please go to our website at www.firstnewgatepetro.com Or contact the company at info@firstnewgatepetro.com End of Corporate News 24.04.2012 Dissemination of a Corporate News, transmitted by DGAP – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. DGAP’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
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