Montello Acquires Production / Exploration Land in the Peace River Arch
Montello Resources Ltd has signed a letter of intent to acquire all the shares of Moonshine Resources Limited. Moonshine is an arm's length privately held Alberta Oil and Gas Exploration-Production Company located in Calgary, Alberta. Moonshine currently produces approximately 17 BOE per day and has a large land base in the Peace River Arch of Northwestern Alberta. The Company will acquire all of the issued and outstanding shares of Moonshine for CAD $850,000 payable in common shares of the Company at a deemed price of CAD $0.13 per share (6,538,462 common shares), subject to TSX Venture Exchange acceptance.
The Company also announced that it has signed a letter of intent with Silver Peak Industries Ltd. an arm's length privately held Alberta Oil and Gas Exploration-Production Company, to acquire certain oil and gas assets in the Province of Alberta which are contiguous to the land package being acquired from Moonshine. The assets of Silver Peak which are being acquired by the Company are currently producing approximately 21 BOE per day. The purchase price of these assets is CAD $724,500, subject to Exchange acceptance.
The Company also announced that it has appointed Mr. Dwayne Tyrkalo as its head of Oil and Gas Operations for North America. Mr. Tyrkalo brings with him over twenty years of oil and gas experience specializing in oil and gas optimization. He will be in charge of bringing on and enhancing our production and exploration program in both Tennessee and Alberta. Mr. Tyrkalo's last position with a public company was with Extreme Energy as Vice President of Operations. In December of 2004, Extreme was acquired by C1 Energy which is listed on the TSX.
The Company also announces that it has retained the services of Mr. Shawn Runner of the Tsuu T'ina First Nation as its new consulting V.P. of Aboriginal Affairs. Mr. Runner is a member of the Tsuu T'ina First Nation Band which is located just west of Calgary ("Sarcee"). Mr. Runner brings with him broad knowledge of Native Oil and Gas Affairs and will be a key component in assisting our team in developing exploration opportunities on native lands within Western Canada.
The Company also announces that it has granted 400,000 incentive stock options of the Company to Mr. Runner, subject to the acceptance of the TSX Venture Exchange. Each incentive stock option is exercisable into one common share of the Company at a price of $0.13 per share until September 16, 2007.
The Company additionally announces that it has granted 1,500,000
incentive stock options of the Company to Mr. Dwayne Tyrkalo, subject
to the acceptance of the TSX Venture Exchange. Each incentive stock
option is exercisable into one common share of the Company at a price
of $0.13 per share until September 16, 2007.
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- Park Place: Morgan Highpoint 3 On Production (Mar 27)