TSX Venture: AUL
VANCOUVER, Sept. 27 /CNW/ - Austin Developments Corp. (the "Company") and it's joint venture partner, Pennant Energy Inc. (TSX.V-PEN) together known as the "The Companies" are pleased to announce that they have expanded their Bronson Property land holdings by successful bidding at the September 19th, 2007, Alberta Crown land sale.
Prior to the recent land sale the Companies held two closely offsetting but non contiguous land blocks (Kaybob and Bronson) in the area totaling 1600 acres. When the Companies initially gained control of the two blocks there was only limited, incomplete 3D seismic coverage of the lands; therefore, two extensive 3D seismic surveys were conducted during the winter 2007 to assess the exploration potential of the two acreage blocks. The winter 2007 3D surveys not only completed coverage of the interest acreage but were expanded to evaluate the potential for oil and gas on several of the bordering lands. Interpretation of the new 3D seismic data resulted in identifying several areas of interest on our existing Bronson property and as well, on a bordering section of Crown land to the east. Based on the favorable 3D seismic results over the Crown acreage the decision was made to post the lands for auction. To assist in determining how aggressively to bid, the Companies also conducted extensive Geochem surveys over the lands. The Companies are pleased to announce that we were successful in acquiring the 640 acre Crown section. Henceforth, the Bronson property will be referred to as "Bronson West", comprising section 13 and E/2 section 14, Twp 58-17W5, while the newly acquired land, section 7-58-16W5, will be referred to as "Bronson East".
Bronson East is a 640 acre contiguous property located south east of the Companies existing Bronson West Property. With positive results from both the Geochem survey and the 3D seismic survey the Company has identified several potential drill targets and is reviewing all of the data acquired to date. To view a map of the newly acquired Bronson East Property please visit www.pennantenergy.com The Bronson properties are a 50/50 joint venture with Pennant Energy Inc.
The Qualified Person for the Kaybob and the Bronson Projects, who holds responsibility for the accuracy of the technical information contained in this news release, is Mr. Jim Britton, P. Geol. P. Eng.
The Company further announces that further to the Company's news release of June 22, 2007 the cancellation of 4,000,000 incentive stock options and has granted 5,000,000 incentive stock options at an exercise price of $0.20 per share, subject to the approval of the TSX Venture Exchange. The options will be exercisable until September 26, 2012 and are subject to a four month hold period.
On behalf of the Board of Directors
AUSTIN DEVELOPMENTS CORP.
Per:
"Patrick Power"
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PATRICK POWER
President
This News Release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.