Business
CANADA GAS TO SELL INTEREST IN TRUTCH PROJECT
CANADA GAS TO SELL INTEREST IN TRUTCH PROJECT
About this update from Hemisphere Energy Corp
[{"type":"text","content":"\nCANADA GAS TO SELL INTEREST IN TRUTCH PROJECT\n\n\n Apr. 28, 2010 (TheNewswire.ca) -- Vancouver, British Columbia, Canada - April 28th, 2010 - Canada Gas (OOTC:CJCFF) (TSXV:CJC) Corp. (\"Canada Gas\" or the \"Company\") has entered into an agreement to sell its interests in the Trutch natural gas project in northeast British Columbia to Hemisphere Energy Corporation (tsxv: HME). The acquisition includes a range of 9%-30% working interest in various assets throughout the property. Total Consideration for the acquisition is $300,000 in cash and $50,000 in Hemisphere Energy shares to be issued based on the 30 calendar day average trading price of Hemisphere up to the close on Tuesday, April 27, 2010.The closing of the transaction is anticipated to occur on or before July 15, 2010 and is subject to normal due diligence, shareholder and regulatory approvals.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 be drilled in 2007/2008. These statements are based on current expectations that involve a number of risks and uncertain...