Marauder Resources East Coast Inc.: News Release
CALGARY, ALBERTA -- (Marketwire) -- 12/21/12 -- The Company (TSX
VENTURE:MES) is pleased to announce it has engaged M Partners of
Toronto to lead a $1.5 million private placement of common share
units, the proceeds of which will be used for initial development of
the Company's assets in the East Coast Basin, New Zealand, and for
general working capital purposes. The unit price is $0.065,
consisting of one common share of the Company and one-half of one
common share purchase warrant. Each whole warrant is exercisable into
one common share of the Company at a price of $0.13 per common share
for a period of 24 months from the Closing Date.
The Company's New Zealand acreage (PEP 53806, awarded Nov 1, 2012) is
located in the East Coast Basin, and covers 965 km2. The primary
prospects are the Whangai and Waipawa formations, widespread, highly
fractured shales that have similar characteristics to the Bakken
formation in North Dakota. Numerous surface oil seeps in the basin
have been typed to both the Whangai and Waipawa formations, and
samples gathered were light oil, upwards of 50 API gravity. The
Whangai ranges in thickness from 300-600 m, about 10 times the
thickness of the Bakken formation.
Permit 53806 is located between two permits held by Tag Oil that
Apache Corporation recently farmed into and committed to a 4 well
drilling exploration program, estimated to commence Q1 2013.
Tag/Apache's acreage covers approximately 3700 km2. TAG Oil's
Corporate Presentation of October 2012, states the TAG/Apache Joint
Venture internal estimates for OOIP on their acreage ranges from
250-500 bn bbls.
Marauder is a 50% owner of PEP 53806.
This press release may contain forward-looking statements within the
meaning of applicable securities laws. Forward-looking statements may
include estimates, plans, anticipations, expectations, opinions,
forecasts, projections, guidance or other similar statements that are
not statements of fact. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, it can give no assurance that such expectations will
prove to be correct. These statements are subject to certain risks
and uncertainties and may be based on assumptions that could cause
actual results to differ materially from those anticipated or implied
in the forward-looking statements. These risks include, but are not
limited to: the risks associated with the oil and gas industry (e.g.
operational risks in development, exploration and production; delays
or changes in plans with respect to exploration or development
projects or capital expenditures; the uncertainty of reserve
estimates; the uncertainty of estimates and projections relating to
production, costs and expenses and health, safety and environmental
risks), commodity price and exchange rate fluctuation and
uncertainties resulting from potential delays or changes in plans
with respect to exploration or development projects or capital
expenditures. The Company's forward-looking statements are expressly
qualified in their entirety by this cautionary statement. The
forward-looking statements contained in this press release are made
as of the date hereof and the Company undertakes no obligations to
update publicly or revise any forward-looking statements or
information, whether as a result of new information, future events or
otherwise, unless so required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this press
Marauder Resources East Coast Inc.
Robert V. Shields
720, 440 - 2nd Avenue, S.W.
Calgary, Alberta T2P 5E9
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