Business
Softrock farms out Spirit River, Alberta, oil lease
TSXV: SFT CALGARY , Dec. 17, 2013 /CNW/ - Softrock Minerals Ltd." or the "Company") ...
About this update from Criterium Energy Ltd
[{"type":"text","content":"\n\n\nTSXV: SFT\n\n\nCALGARY, Dec. 17, 2013 /CNW/ - Softrock Minerals Ltd.\" or the \"Company\")\n (TSXV: SFT) is pleased to report that the Company and its 50% joint\n venture partner, Greencastle Resources Ltd., have jointly farmed out\n their 100% working interest in their 640 acre petroleum and natural gas\n (P&NG) lease in the Spirit River area of Northwest Alberta to an\n operator which is active in the area.\n\n\nThe terms of the agreement include an upfront payment to Softrock and\n Greencastle of $400,000 along with a 5.0% gross overriding royalty on\n future production with no deductions, plus a commitment to drill and\n complete (or abandon) one horizontal well to test the Charlie Lake\n formation in 2014. Spacing units allowing for four Charlie Lake\n horizontal wells and four shallower vertical Doe Creek wells (targeting\n an additional horizon that produces in places in the area), have been\n obtained in adjacent leases and could be utilized in the future if the\n farmee wishes.\n\n\nRecently, interest in the Charlie Lake formation has been steadily\n increasing in the Spirit River area.  At the last Alberta government\n sale, a 640-acre parcel of similar P&NG rights directly offsetting the\n Company's lease to the north sold for over $900,000, while, at the same\n sale, another parcel of one-half section directly adjoining to the\n southeast went for in excess of $200,000.\n\n\nNeither TSX Venture Exchange nor its Regulation Services Provider (as\n that term is defined in the policies of the TSX Venture Exchange)\n accepts responsibility for the adequacy or accuracy of this release.\n\n\nThis news release includes certain \"forward looking statements\" within\n the meaning of that phrase under Canadian securities laws.  Without\n limitation, statements regarding potential mineralization and\n resources, exploration results, and future plans and objectives of the\n Company are forward looking statements that involve various degrees of\n risk.  Forward-looking statements reflect management's current views\n with respect to possible future events and conditions and, by their\n nature, are based on management's beliefs and assumptions and subject\n to known and unknown risks and uncertainties, both general and specific\n to the Company. Although the Company believes the expectations\n expre...