JBR James Bay Resources Ltd

James Bay Resources Limited (TSX VENTURE:JBR) ("James Bay" or the "Company") is
pleased to announce that it has signed a revised agreement with D&H Solutions AS
("D&H") to expand its capabilities for the sourcing and development of Nigerian
oil and gas projects. James Bay had previously announced an agreement with D&H
(see press release dated April 7, 2011) for a partnership to conduct
identification and due diligence of prospective acquisition targets of
significant onshore/offshore oil and gas projects in Nigeria. The revised
agreement with D&H (the "Agreement") is designed to provide the basis for James
Bay to proceed with its initiatives while utilizing the extensive experience and
qualifications of D&H's personnel in Nigeria.  


James Bay is also pleased to announce that it has signed an agreement with an
indigenous Nigerian oil and gas service provider, Mak Mera Limited ("Mak Mera").
Mak Mera provides upstream oil and gas expertise and has extensive contacts that
will help facilitate James Bay's efforts in securing additional projects in
Nigeria.  


"We have made significant progress conducting due diligence on several exciting
oil and gas projects in Nigeria," said Mr. Stephen Shefsky, President & CEO of
James Bay. "With the assistance of D&H and Mak Mera, James Bay is well
positioned to execute its business plan in the oil and gas industry in Nigeria."


Agreement with D&H

James Bay and D&H (a 50/50 partnership between Hemla II AS of Norway and Korea's
DSME (Daewoo Shipbuilding and Marine Engineering)) have identified a list of
potential oil & gas acquisition targets that shall be the subject of the
Agreement. In addition, the parties have agreed that further exploration and
production oil and gas opportunities in Nigeria will be brought into a 100%
owned subsidiary of James Bay in Nigeria. 


The Company has also agreed to enter into a management agreement with D&H,
pursuant to which Mr. Knut Sovold will be seconded as President and CEO of James
Bay's 100% owned subsidiary in Nigeria, as well as further D&H management
personnel as required and agreed upon by the parties. 


James Bay and D&H have also agreed that for certain large-scale acquisition
targets in Nigeria, James Bay shall have the first right of refusal to
contribute at least 15% of the capital required at the initial funding stage. 


Under the terms of the Agreement, James Bay has agreed to issue up to 6,000,000
units in James Bay (the "Units"), subject to regulatory approval. Each Unit is
comprised of one common share of James Bay and one-half of one common share
purchase warrant ("Warrant"), with each Warrant exercisable at Cdn.$1.25 for a
period of two years from issuance. 3,000,000 Units are issuable when the first
definitive agreement for a Nigerian oil and gas project has been secured, with a
further 3,000,000 Units to be issued once cumulative oil and gas production
reaches an average production rate of at least 1,500 BOE/D over a period of 60
days; or the projects reach a minimum P50 recoverable estimate of at least 50
million BOE as reflected by an independent third party report. James Bay has
also agreed to issue up to 600,000 options to D&H, with 300,000 options issued
with the initial 3,000,000 Units, and a further 300,000 options are to be issued
when the second tranche of 3,000,000 Units are issued to D&H. The options will
be exercisable for a period of five years, and will be priced according to the
market price at the time of issuance. 


Agreement with Mak Mera

Under the terms of the agreement with Mak Mera, James Bay has agreed to issue up
to 6,500,000 shares in the Company; with 3,500,000 shares to be issued when the
first definitive agreement for a Nigerian oil and gas project has been secured,
and a further 3,000,000 shares to be issued once the cumulative oil and gas
production reaches an average production rate of at least 1,500 BOE/D over a
period of 60 days; or the projects reach a minimum P50 recoverable estimate of
at least 50 million BOE as reflected by an independent third party report. 


If a targeted oil and gas project is identified and secured by James Bay through
this process, completion of the acquisition could represent a Change of Business
under the TSX Venture Exchange policies. As a result, any such transaction would
be subject to a number of conditions, including TSX Venture Exchange acceptance
and if required shareholder approval. Note: BOEs may be misleading, particularly
if used in isolation. A BOE conversion ratio of 6 Mcf: 1bbl is based on an
energy equivalency conversion method primarily applicable at the burner tip and
does not represent a value equivalency at the wellhead. 


About James Bay Resources

James Bay is a well-financed Canadian resource company with 28,040,350 shares
outstanding and trades on the TSX Venture Exchange under the symbol "JBR".
Please visit the James Bay website at www.jamesbayresources.com.

James Bay Resources (CSE:JBR)
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James Bay Resources (CSE:JBR)
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부터 12월(12) 2023 으로 12월(12) 2024