Business
CANADA GAS CLOSES TRUTCH SALE
CANADA GAS CLOSES TRUTCH SALE
About this update from Hemisphere Energy Corp
[{"type":"text","content":"\nCANADA GAS CLOSES TRUTCH SALE\n\n\n Jul. 27, 2010 (TheNewswire.ca) -- Vancouver, British Columbia, Canada - July 27th, 2010 - Canada Gas (OOTC:CJCFF) (TSXV:CJC) Corp. (\"Canada Gas\" or the \"Company\") has completed the sale of the Trutch natural gas property in northeast British Columbia to Hemisphere Energy Corporation. (TSXV: HME). The sale includes a range of 9%-30% working interest in various assets throughout the property. Total consideration for the sale was $300,000 in cash and $50,000 by the issuance of 214,225 Hemisphere Energy shares at a deemed price of $0.2334 each, being the average closing price over the 30 calendar day period ending April 27, 2010. These shares are subject to a hold period until November 24th, 2010.Management continues to source and evaluate new opportunities for the Company by way of acquisition or reverse takeover in the mining or oil and gas space. Parties interested in discussing such opportunities are invited to contact the Company.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.For more information on Canada Gas Corp., please visit www.canadagas.ca or call 1.888.685.5851.On Behalf of the Board,CANADA GAS CORP.\"Chad McMillan\"President & CEO~ABOUT CANADA GAS~Canada Gas Corp. (tsx.v: CJC; Frankfurt: YXE; otc:bb: CJCFF) has two natural gas projects located in the foothills region of the prolific petroleum and natural gas bearing Western Canadian Sedimentary Basin, northeastern British Columbia, Canada. The Prophet River and Trutch projects feature varying PNG rights to multiple prospective target horizons, multiple prospective development locations, and flexible logistics. Meanwhile, the Company is diversifying into the Canadian oil space, looking to deploy capital, expertise and new techniques to low risk development situations.FORWARD LOOKING STATEMENTSThis press release may contain forward-looking statements including expectations of future production. More particularly, this press release contains statements concerning the Partners' future production estimates, expansion of oil and gas property interests, exploration and development drilling, regulatory applications, payout estimates, capital expenditures, and drilling locations to ...