RIF Rift Basin Resources Corp

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 it has entered into a Memorandum of Understanding (the "PT
Sinergi MOU") with PT Sinergi Wijaya Kusumah ("PT Sinergi") to evaluate and
redevelop an onshore multi-reservoir oil field, known as the Dandangilo & Beji
Block, containing 110 existing wells within an 80 sq.km. area (the "Field"),
located in Bojonegoro, East Java, Indonesia. PT Sinergi has the rights under a
renewable 5-year Cooperation Agreement with KUD Sumber Pangan ("KUD") to produce
oil from existing shut-in oil wells in the working area. Rift will apply
Enhanced Oil Recovery ("EOR") techniques to the existing wells in order to bring
them back into production. KUD is a district-level cooperative with the rights,
under a petroleum production contract with Indonesian state oil company PT
Pertamina, to lift and raise oil from relinquished and mature fields and deliver
to a point agreed to between the parties, as approved by the Ministry of Natural
Resources. The Field is currently producing approximately 1,500 barrels per day
(bpd) from 6 wells through KUD without the benefit of modern EOR technology.


According to data on file at the University of Pembangunan Nasional Veteran,
Jakarta, original oil in place (OOIP) in the Field reservoir was 112 million
stock tank barrels (MMSTB). Pertamina recorded production of approximately 20
MMSTB during the period 1963-1980 after which no commercial operations were
undertaken. 


Rift Basin has also entered into a Memorandum of Understanding (the "Portvest
MOU", and together with the PT Sinergi MOU, the "MOUs") with Portvest
International SDN BHD ("Portvest") whereby Rift Basin and Portvest will jointly,
through a newly established Indonesian Foreign Investment Company, hold 70% of
PT Sinergi, which in turn holds the rights to exploit the Field. Portvest will
be the operator and responsible for funding initial service and enhancement work
required to establish initial production cash flow and to attract a project
lending facility.


Wayne Koshman, Rift Basin's CEO commented, "This is an enormous opportunity for
Rift Basin and our shareholders. Relinquished, marginal and mature fields in
Indonesia are an established resource that provides a low-cost low-risk
opportunity to achieve early cash flow through the application of EOR
techniques. Rift Basin will benefit by being an early participant in the
Indonesian government's push to attract foreign investors and boost domestic
production."


The MOUs do not create obligations to the parties thereto other than giving Rift
Basin the opportunity to negotiate and enter into definitive agreements and in
the case of the PT Sinergi MOU, to establish EOR and production for the Field
awarded to PT Sinergy. The Company expects that PT Sinergy, Portvest and related
parties may introduce additional fields to Rift Basin for joint development and
benefit in due course.


The MOUs are not definitive agreements and there can be no assurance that any
transaction in connection with the MOUs will be completed. Any definitive
agreement will be subject to the approval of the TSX Venture Exchange (the
"Exchange").


Chorbane Farmin Update

Rift Basin wishes to provide an update on the farmin agreement (the "Farmin
Agreement") between the Company's wholly-owned subsidiary, Rift Basin
International Corp. and Alpine Oil & Gas Pty Ltd., a wholly-owned subsidiary of
Australian-based ADX Energy Ltd. (ASX:ADX). Further to its news releases of
December 21, 2012, January 2, 2013 and January 9, 2013, the Company reports that
it received conditional approval from the Exchange in February 2013 for the
acquisition of an undivided 15% working interest in the Chorbane exploration
permit pursuant to the Farmin Agreement (the "Chorbane Transaction"). Due to the
state of the capital markets and receptivity towards exploration opportunities,
the Company has not been able to complete the requirements necessary to close
the Chorbane Transaction. To date, the parties to the Farmin Agreement have not
terminated the agreement and the Company will update its shareholders by
subsequent news release as developments occur.


Closing of the Chorbane Transaction is subject to a number of conditions,
including but not limited to, funding requirements and Exchange approval. There
can be no assurance that the Chorbane Transaction will be completed.


Private Placement

The Company is seeking to transition to an oil and gas issuer on the Exchange.
Accordingly, it has been seeking a suitable transaction to progress as a
priority to the Chorbane Transaction. The Company has therefore entered into the
MOUs as detailed above, and is seeking to close a non-brokered private placement
of up to 5,000,000 units (the "Units") at a price of $0.10 per Unit for gross
proceeds of up to $500,000 (the "Offering"). The net proceeds from the Offering
will be used by the Company for general corporate purposes and may be used in
connection with due diligence costs associated with the MOUs.


Each Unit will consist of one common 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 Exchange
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 Exchange. Closing of the Offering is subject to a number
of conditions, including receipt of all necessary corporate and regulatory
approvals, including the Exchange. 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.


About Indonesian Oil and Gas Opportunities

Indonesia's discovery of vast commercial quantities of crude oil in Sumatra just
over 100 years ago led directly to the formation of Royal Dutch Petroleum, now
Royal Dutch Shell. Indonesia was the pioneer of the production sharing contract
(PSC) model in the late 1960s which made the country an important contact with
the international supermajors. Indonesia became an oil rich power and key member
of OPEC, providing its longest serving secretary general (1988-1994).


In 2012 Indonesia's oil reserves fell faster than in any other Asian country,
dropping 1.9 billion barrels since 1991 to just 3.89 billion barrels. Oil
production is straining to reach a 900,000 bpd threshold, down from 1.7 million
bpd back in 1980. Indonesia's declining oil reserves now place the country 28th
in the world. Last year Indonesia faced a domestic supply deficit of 78 million
barrels which deepened the country's reliance on oil imports. Indonesia's
domestic consumption increased by 11 percent in 2011 alone, and is projected to
triple in size by 2030. With approximately 60 percent of Indonesia's energy
government-subsidized and a global Brent price consistently over USD 100 per
barrel, the short-term energy issue has become the center of public attention
and is a key driver to attract capital and technology to the sector. There are
over 155 producing fields hosting in excess of 5,000 wells in Indonesia, mostly
with only shallow drilling history using 1970's era technology. Many wells were
still in production when shut in during the good times, and virtually forgotten.


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 THE BOARD

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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부터 5월(5) 2024 으로 6월(6) 2024

Rift Basin Resources Corp (TSXV:RIF)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024