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EMERALD RESOURCES NL — Regulatory Filings 2011
Mar 29, 2011
64849_rns_2011-03-29_6426ecd3-2dd8-434d-9725-788c5cd43281.pdf
Regulatory Filings
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Suite 2, 12 Parliament Place West Perth WA 6005 Ph: +618 9482 0510 Fax: +618 9482 0505 Email: [email protected] www.emeraldoilandgas.com
30 March, 2011
Centralised Company Announcements Platform Australian Stock Exchange 10[th] floor, 20 Bond Street Sydney NSW 2000
Entek Energy and Emerald Oil & Gas 2011 Green River Basin Operations
On February 17, 2011 Emerald announced it had executed a binding MOU to acquire New Frontier Energy’s (US OTCBB: NFEI) working interest in the Green River Basin JV (“GRB JV”).
On 10 August, 2009, Entek Energy Limited (“Entek”) entered into a Participation Agreement with NFEI to progressively farm in to 55% of NFEI's interests in the GRB JV assets.
Subject to the Participation Agreement and completion of the acquisition by Emerald pursuant to the MOU with NFEI, Entek and Emerald have reached agreement that Entek has fully met its farmin obligations to NFEI under the Participation Agreement and has therefore earned its 55% interest in the NFEI acreage and assets. Emerald will take a transfer of NFEI’s 45% interest. After the transaction with NFEI is completed Entek and Emerald will fund all future GRB JV costs at current interest levels, being 55% Entek, 45% Emerald.
The two companies are pleased to advise that they are now actively working together to plan field activities for the upcoming operating season in the Green River Basin. Entek will continue as Operator for the GRB JV.
Both companies look forward to a productive relationship as Joint Venture partners and will now focus on delivering substantial value to their shareholders through the current GRB JV oil and gas assets.
For more information please contact:
Emerald Oil & Gas NL Tel: +618 9482 0510
MIKE KRZUS Managing Director [email protected]
About Emerald Oil & Gas NL
Emerald Oil & Gas NL (ASX: EMR, EMRO), listed on the ASX in June 2006, is an oil and gas exploration and production company with project interests in Kentucky and Texas in the USA and in the Canning Basin of Western Australia. Emerald’s focus is on both conventional and nonconventional reservoir targets for oil and gas prospects. Its near term objective is to achieve production and cashflow to achieve an operating cash surplus from current assets, while seeking high impact opportunities in the energy sector.
Statements regarding Emerald’s plans with respect to its petroleum properties are forward-looking statements. There can be no assurance that Emerald’s plans for development of its petroleum properties will proceed as currently expected. There can be no assurance that Emerald will be able to confirm the presence of additional petroleum deposits, that any discovery will prove to be economic or that an oil or gas field will successfully be developed on any of Emerald’s petroleum properties.