Business
Red Rock Energy Inc.; Agreement to Purchase Oil and Gas Rights in N.E. B.C.
May 25, 2011 (TheNewswire.ca) -- Calgary, Alberta (May 25, 2011) - Red Rock Energy Inc. (TSX...
About this update from New Stratus Energy Inc
[{"type":"text","content":"\nRed Rock Energy Inc.; Agreement to Purchase Oil and Gas Rights in N.E. B.C.\n\n May 25, 2011 (TheNewswire.ca) -- Calgary, Alberta (May 25, 2011) - Red Rock Energy Inc. (TSX:RE) (TSXV:RRK) (OOTC:RDRIF) (TSX-V - RRK)(\"Red Rock\" or the \"Company\") announces that it has registered the Company in the province of British Columbia under the name Red Rock Projects Inc. to pursue petroleum and natural gas exploration and production opportunities. The Company has entered into an agreement with an intermediate oil and gas company to acquire up to 4,200 acres of prospective oil and gas rights in North East British Columbia, including two existing wellbores, and the related well and processing equipment. This transaction is expected to close June 1, 2011.After closing the transaction, Red Rock intends to re-enter and recomplete each of these wellbores with the intent of evaluating the potential for by-passed hydrocarbon production. One of the wellbores has been designated as a discovery well for a Bluesky oil pool. At the closing of this acquisition, a seismic option agreement will be executed which will provide Red Rock the opportunity to earn 100% working interest in four contiguous sections subject to a non-convertible overriding royalty.The registration of Red Rock Energy Inc. as Red Rock Projects Inc. in the province of British Columbia represents a significant and exciting diversification of the business plan of our Company\" stated Red Rock's President, Sandy Loutitt. \"While our success in conducting productive exploration for uranium in Saskatchewan is clear, the recent issues affecting the uranium market have motivated Red Rock to focus on technical studies for alternative mining methods as a means of adding value to these uranium assets. The opportunity to concurrently pursue another energy project with significant potential has been presented to us at a very opportune time and, coupled with the arrival of a team of highly skilled oil and gas exploration professionals, our expectations for a successful expansion of Red Rocks activities are high.\"For further information, contact Sandy Loutitt, President, or Rick Couronne, Investor Relations; Ph 403-685-1047, or visit: www.redrockenergy.ca.Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) ...