Lochaird Energy Inc. Announces Termination of Offering
Calgary, Alberta CANADA, February 09, 2009 /FSC/ - Lochaird Energy Inc. (LEN - TSX Venture), had entered into an agreement with Northern Securities Inc. ("Northern" or the "Agent"), whereby Northern offered to raise, on a best efforts basis, up to $2,000,000 (the "Offering"). No funds were raised due to time restrictions and market conditions and this agreement has been terminated by Lochaird.
Lochaird is in the process of arranging another source of financing to be used for exploration on Lochaird's 12 sections of land in two core areas in Manitoba. In the Tilston area, Lochaird intends to drill a second exploratory well to test a new zone and confirm the size of the Bakken and Mission Canyon zones identified in the first well. The second area at Waskada will have 3D seismic shot targeting Bakken and Mission Canyon zones as part of a previously announced farm-in agreement. Wells on these lands have previously produced 40 MSTB of oil from the Mission Canyon and the seismic will identify the optimum location for horizontal wells to exploit this proven zone and the Bakken zone.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For further information please contact:
Grant S. Blakely
President and Chief Executive Officer
Lochaird Energy Inc.
Phone (403) 514-0955
Fax (403) 514-0956
Email: blakelyg@telusplanet.net
ADVISORY:
This news release contains forward-looking statements or forward-looking information, including the Corporation's expectations with respect to the Offering, and management's assessment of future plans and operations of the Corporation. These forward-looking statements are based on certain assumptions and analysis made by the Corporation in light of current conditions and expected future developments, as well as other factors it believes appropriate in the circumstances. Actual results may vary from the forward-looking information provided herein. The forward-looking information provided herein is subject to a variety of risks and uncertainties beyond the Corporation's ability to control or predict, including risks associated with oil and gas exploration, production, marketing and transportation such as loss of market, volatility of prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers and ability to access sufficient capital from internal and external sources. Should one or more of these risks and uncertainties materialize, or should the underlying assumptions of the Corporation prove incorrect or different, actual results may vary materially from those described in the forward-looking information. All forward looking statements speak only as of the date of this news release. The Corporation does not undertake any obligation to publicly update or revise any forward-looking information unless required under applicable securities laws. Accordingly, readers should not place undue reliance on forward-looking information provided herein.
Source: Lochaird Energy Inc. (LEN - TSX-V)
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