CALGARY, April 24 /CNW/ - Softrock Minerals Ltd (SFT-TSX-Venture) received a total of two million shares of Greencastle Resources (VGN-TSX-Venture) as a result of an agreement made in August 2003 whereby Softrock sold Vergene Capital Corp (fore-runner of Greencastle Resources (VGN-TSX-Venture)) seven Saskatchewan oil and gas leases for $190,000. In addition they were to receive one million shares of Vergene (Greencastle) when the company had recovered their full purchase and developing investment back from production from the leases plus another one million shares when the company had recovered twice its investment.
The $125,000 received will be put in the Softrock Treasury with the balance of the Greencastle shares (One and one-half million).
After studying Greencastle's assets and its future prospects it is the intention of the Softrock Board to hold Greencastle shares for further appreciation.
Meanwhile testing is continuing with mixed results at two wells (9-31 and 4-5) in the Manitou Lake area of west Saskatchewan (Softrock working interest 30%). The wells have produced large volumes of water with heavy oil necessitating heavy traffic in transporting water to disposal but a combination of bad weather and availability of large pumps have made accurate testing impossible.
On behalf of the Board of Directors
The Honourable Nick Taylor, President and CEO
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
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