XGEN Reports the Proposed Acquisition of Oil and Gas Assets
2009年5月26日 - 2:42AM
Marketwired
The Board of Directors of XGEN Ventures Inc. (the "Company" or
"XGEN") (NEX BOARD: XGN.H) is pleased to announce that as part of
its continuing efforts to increase its holdings in oil and gas
properties, it has entered into a proposed agreement with Delphi
Energy Corp. (the "Vendor") to purchase their interests in certain
assets in the Peace River Arch region of Northern Alberta.
The Company has agreed to purchase from the Vendor a section of
pipeline estimated to be about 10Km in length. XGEN has also agreed
to purchase the Vendor's interest in various wells and certain
surface and mineral rights located in the Montag region, for which
Delphi was a working interest partner.
The value of this transaction was negotiated at arm's length and
settled for a cash purchase price of $75,853.10. The effective date
of the acquisition is April 1, 2009 and a closing date of July 1,
2009 is anticipated, once certain titles and caveats are perfected
and transferred.
XGEN is the operator of the Montag Gas Processing Facility,
which processes natural gas in the Montag region of the Peace River
Arch in Northern Alberta. The facility has a rated capacity of
15MMcf/day, and is currently processing XGEN's own production from
various wellsites in the area, as well as third-party volumes.
Forward-Looking Statements
Information provided herein contains forward-looking statements.
The reader is cautioned that assumptions used in the preparation of
such information, which are considered reasonable by the Company at
the time of preparation, may prove to be incorrect. Actual results
achieved may vary from the information provided and the variations
may be material. There is no representation by the Company that
actual results achieved will be the same in whole or in part as
those indicated in the forward-looking statements.
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.
Contacts: XGEN Ventures Inc. Rod J. MacKenzie Managing Director
403-201-0387
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