Border Draws Up Offer for Royal Quest Properties

Border Petroleum Inc. (formerly, Moneta Resources Inc.) announced a proposed acquisition of certain petroleum and natural gas properties.

Border has entered into an arm's length offer to purchase with Royal Quest Resources Ltd., a private company, accepted on August 11, 2008. Pursuant to the Letter Agreement, Border has agreed to acquire certain producing petroleum and natural gas assets located in Cardiff, Cherhill, Lloydminster and Norris, Alberta, for a cash purchase price of $1,300,000, subject to adjustment.

The Acquisition is subject to the policies of the NEX board of TSX Venture Exchange Inc.

About the Royal Quest Properties

The Norris property of Royal Quest is located in Township 53, Range 18 West of the 4th Meridian, Northwest of Edmonton, Alberta with various operated working interests. The property consists of two operated producing oil wells, five infill oil drilling locations, and 1,040 net acres of land.

The Cherhill property of Royal Quest is located in Township 56, Range 4 West of the 4th Meridian, North of Edmonton, Alberta and consists of a 37.5% operated working interest. The property consists of one producing gas well and 640 net acres of land.

The Cardiff property of Royal Quest is located in Township 55, Range 1 West of the 4th Meridian, East of Edmonton, Alberta and consists of a 100% working interest. The property consists of one producing oil well and 40 acres of land.

The Lloyd property of Royal Quest is located in Township 49, Range 1 West of the 4th Meridian, East of Edmonton, Alberta and consists of a 90% operated working interest. The property consists of two operated producing oil wells, two infill oil drilling locations, and 120 net acres of land.

 

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