Rift Basin Announces Farmin Agreement
22 12월 2012 - 5:10AM
Marketwired Canada
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR
DISSEMINATION IN THE UNITED STATES
Rift Basin Resources Corp. (TSX VENTURE:RIF) (the "Company" or "Rift Basin") is
pleased to announce that its wholly-owned subsidiary, Rift Basin International
Corp. ("Rift Basin International"), has entered into a definitive farmin
agreement (the "Farmin Agreement") with Alpine Oil & Gas Pty Ltd. ("Alpine"), a
wholly-owned subsidiary of Australian-based ADX Energy Ltd. (ASX:ADX), which
replaces the letter of intent announced on November 23, 2012. Alpine is an arm's
length party to the Company.
Pursuant to the terms of the Farmin Agreement the Company, through Rift Basin
International, can earn an undivided 15% working interest in the Chorbane
exploration permit (the "Permit"). The Permit is located onshore Tunisia in the
Pelagian Shelf (Sahel Plains) of the Pelagian Basin near the port city of Sfax.
The Permit occupies an area of 1,940 km2 and is governed by a production sharing
contract ("PSC") with L'Entreprise Tunisienne d'Activites Petrolieres ("ETAP").
ETAP is a Tunisian state-owned entity responsible for the petroleum sector as
well as the state's partnerships with foreign exploration and production
operators.
In accordance with the terms of the Farmin Agreement the Company, through Rift
Basin International, will earn an undivided 15% working interest in the Permit
(the "Acquisition") upon paying to Alpine the following:
a. US$200,000 on or within 10 days after the receipt by Alpine of approval
from ETAP for the Acquisition;
b. a further US$700,000 upon the earlier of January 31, 2013 and applicable
government approval for the Acquisition; and
c. a further US$300,000 within 10 days of a request by Alpine to Rift Basin
International in accordance with the work program and budget issued
under the joint operating agreement for the Permit that relates to such
seismic acquisition.
London-based Gulfsands Petroleum plc (AIM:GPX) ("Gulfsands"), the Company's
strategic partner (as announced in the Company's news release of November 16,
2012), is currently acquiring an additional 30% participating interest in the
Permit, subject to various regulatory approvals, to ultimately hold a 70%
participating interest and be the Operator for the Permit.
As noted above, the Permit is under a PSC and the PSC requires a minimum work
program comprised of drilling one well to 2,500 meters total depth during the
first renewable period July 13, 2012 to July 12, 2015. Estimated costs to drill
and test one well are CDN$7,000,000 (or approximately $1,050,000 net to Rift
Basin Internationals' 15% working interest).
The Acquisition is subject to a number of conditions, including but not limited
to, applicable regulatory approval (including approval of the TSX Venture
Exchange ("TSX-V") and ETAP). There can be no assurance that the Acquisition
will be completed as proposed or at all.
Resource Report and Independent Qualified Reserves Evaluator
As noted in the Company's news release of December 7, 2012, the Company retained
Petrotech Engineering Ltd. ("Petrotech") of Burnaby, British Columbia to
prepare, in accordance with National Instrument 51-101 - Standards of Disclosure
for Oil and Gas Activities ("NI 51-101"), a resource report (the "Resource
Report") for the Permit. The Resource Report was authored by John Yu, P. Eng (of
Petrotech) and a summary of the report is set forth below.
The Resource Report is named "Evaluation of the Interests of Rift Basin
Resources Corp. in Three Prospects in the Chorbane Exploration Permit, Tunisia."
A summary of Rift Basin International's gross and net share of the prospective
resources (prospects) and net share of the future present worth net present
values before income tax, discounted at 0%, 5%, 10%, 15% and 20% is presented as
follows:
Unrisked Prospective Resources (Prospect)
L&M Oil Resources Before Tax NPV @
Co.'s
Share of
Cost &
Profit
100% Oil 0% 5% 10% 15% 20%
Estimate Mbbl Mbbl M$ M$ M$ M$ M$
------------------------------------------------------------------------
Low 3,101 175.3 17,181 14,422 12,301 10,635 9,301
Best 50,072 1,536.4 149,602 111,992 86,896 69,415 56,773
High 289,767 8,009.4 809,948 535,832 380,731 285,829 223,728
Under the Canadian Oil and Gas Evaluation (COGE) Handbook guidelines for
production sharing contracts, Company Gross reserves are the participation
interest share of production and Company Net reserves are generally the
company's participation interest through production to cost recovery plus the
company profit interest share of production minus all applicable payments to
others. There is no royalty payment in this production sharing contract. The
chance of discovery and the chance of development together with the after tax
net present values along with the information relating to section 5.9 of NI
51-101 and section 10.3 of the COGE Handbook are disclosed in Appendix B of the
Resource Report which will be filed under the Company's SEDAR profile
(www.sedar.com). The resources summarized above are prospective in nature and
the estimated values disclosed do not represent fair market value. Prospective
resources are those quantities of oil and gas estimated on a given date to be
potentially recoverable from undiscovered accumulations. There is no certainty
that the prospective resources will be discovered. If the prospective resources
are discovered there is no certainty that any discovery will be technically or
economically viable to produce.
Mr. Yu is a registered Professional Engineer in the Province of British
Columbia, having more than 38 years of experience in engineering studies,
evaluation of oil and gas properties, drilling, completion, production and
process engineering of oil and gas operations. Petrotech is the Company's
independent qualified reserve evaluator for periodic disclosure requirements.
Financing
The Company is proceeding with the non-brokered private placement announced on
November 2, 2012 and has increased the size of the offering from gross proceeds
of up to $1,000,000 to gross proceeds of up to $1,100,000 (the "Offering").
Under the terms of the Offering the Company will offer up to 11,000,000 units
(the "Units") at a price of $0.10 per share of the Company (a "Common Share")
and one-half of a Common Share purchase warrant (each whole warrant, a
"Warrant"). Each Warrant will entitle the holder thereof to purchase one Common
Share at a price of $0.20 for a period of 12 months from the closing of the
Offering, subject to the acceleration provision described below. The Units will
be made available by way of prospectus exemptions in Canada and in such other
jurisdictions as the Company may agree where the Units can be issued on a
private placement basis, exempt from any prospectus, registration or other
similar requirements.
The Company will be entitled to accelerate the expiry date of the Warrants to
the date that is 30 days following the date the Company issues a news release
announcing that the published closing price of the Common Shares on the TSX-V
has been equal or greater than $0.30 for any ten consecutive trading days after
the hold period on the Common Shares has expired.
The Company may pay a finder's fee on the Offering within the amount permitted
by the policies of the TSX-V. Closing of the Offering is subject to a number of
conditions, including receipt of all necessary corporate and regulatory
approvals, including the TSX-V. All securities issued in connection with the
Offering will be subject to a statutory hold period of four months plus a day
from the date of issuance in accordance with applicable securities legislation.
The net proceeds from the Offering will be used by the Company for general
corporate purposes and may be used for the acquisition of oil and gas
properties. The Company expects to close the Offering on or before December 31,
2012.
Following closing of the Offering, the Company expects to announce a further
private placement (the "Secondary Offering") to fund its obligations in
connection with the Acquisition.
The Farmin Agreement, the Offering and the Secondary Offering are subject to
TSX-V approval.
Annual General Meeting
The Company also announces that all matters were approved at the Company's
Annual General Meeting held in Vancouver, British Columbia, on December 12,
2012.
About Rift Basin
The Company is listed on the TSX Venture Exchange under the symbol "RIF". The
Company is currently listed as a Tier 2 mining issuer and is seeking to become
an oil and gas issuer. Additional information about Rift Basin is available
under Rift Basin's SEDAR profile at www.sedar.com.
ON BEHALF OF RIFT BASIN RESOURCES CORP.
Wayne Koshman, Chief Executive Officer
Some of the statements contained in this press release are forward-looking
statements and information within the meaning of applicable securities laws.
Forward-looking statements and information can be identified by the use of words
such as "expects", "intends", "is expected", "potential", "suggests" or
variations of such words or phrases, or statements that certain actions, events
or results "may", "could", "should", "would", "might" or "will" be taken, occur
or be achieved. Forward-looking statements and information are not historical
facts and are subject to a number of risks and uncertainties beyond the
Company's control. Actual results and developments are likely to differ, and may
differ materially, from those expressed or implied by the forward-looking
statements contained in this news release. Accordingly, readers should not place
undue reliance on forward-looking statements. The Company undertakes no
obligation to update publicly or otherwise revise any forward-looking
statements, except as may be required by law.
FOR FURTHER INFORMATION PLEASE CONTACT:
Rift Basin Resources Corp.
Wayne Koshman
Chief Executive Officer
(604) 608-1999
(604) 688-0854 (FAX)
www.riftbasinresources.com
Rift Basin Resources Corp (TSXV:RIF)
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Rift Basin Resources Corp (TSXV:RIF)
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