LGR Proposes to Acquire Shares of Stream Oil & Gas
L.G.R. Resources Ltd. provides the following update on its proposed business combination to acquire, by way of share exchange, all of the issued and outstanding shares of Stream Oil & Gas Ltd. as previously announced on June 19 and August 16, 2007.
To date, the Company has not entered into a definitive share exchange agreement with Stream pending its receipt and approval of an independent technical report on Stream's four oil and gas properties in Albania in compliance with National Instrument 51-101, Standards of Disclosure for Oil and Gas Activities and Stream's audited financial statements for the year ended October 31, 2007.
The Company understands from Stream that both the Technical Report and the Audited Financial Statements will be made available on or before December 31, 2007 and accordingly the deadline for entering into a definitive agreement has been extended to January 8, 2008.
Further to the Company's news release of May 10, 2007 the Company is pleased to announce that it has now recovered the remaining cash held in its Ukraine bank account established in connection with a previous transaction that did not proceed for a full recovery of $571,077 (US$500,000). The proceeds from such recovery are being utilized for general working capital purposes.