Flair Completes Utah Tar Sands Acquisition

Flair Petroleum Corporation said that the Company has completed its acquisition of its 100% working interest in tar sands leases consisting of 1138 acres in the Asphalt Ridge Tar Sands deposit from the surface down to 1000 vertical feet, located in the Uinta Basin, Utah.

Flair's business strategy in the Uinta Basin is to combine these leases with the adjoining 760 acre property consisting of approximately 58 million barrels of recoverable reserves and associated processing facilities with which it has recently entered into a letter of intent to acquire. Subject to satisfactory legal and technical due diligence, Flair intends to acquire these adjoining assets at the initial development stage and process the bitumen into products which have ready access to end-user markets.

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