FSC / Press Release
Alberta Oilsands Completes Acquisition of Offshore Namibia Blocks
NOT FOR DISSEMINATION IN THE U.S.A.
Calgary, Alberta CANADA, January 22, 2013 /FSC/ - Alberta Oilsands Inc. (AOS -
TSX Venture), is pleased to announce that further to its press release on
December 18, 2012, the Company has completed its acquisition of interests in
petroleum exploration blocks 2712A and 2812A ("Namibia Licenses"), located in
the Orange Basin, offshore Namibia.
AOS has acquired 100% of Maroon Hill International Limited, a BVI company which
owns 85% of Leopard Investments Ten (Pty) Ltd., a local Namibian company that
directly holds 100% of the Namibia Licenses. The remaining 15% of Leopard
Investments is controlled to the benefit of Namibian economic empowerment and
local groups. The Company's interest in the Namibia Licenses is 85%.
In connection with the issuance of the Namibia Licenses, Leopard Investments Ten
(Pty) Ltd. and the Government of the Republic of Namibia entered into a
Petroleum Agreement for the operation of Blocks 2712A and 2812A which provides,
among other things, that the National Petroleum Corporation of Namibia (NAMCOR)
will be assigned a 10% carried interest in the subject blocks up to the
production stage. The work commitment for the Namibia Licenses is USD
$6,000,000 (the "Work Commitment"), to be expended in acquiring geological and
geophysical data (including seismic data) over the first four years of the
Namibia Licenses. Ten percent of the Work Commitment will be guaranteed by AOS.
In addition, AOS has agreed to pay approximately US $130,000 per year for
annual rental payment and for the purpose of the training and education of
As consideration for the acquisition, AOS paid an aggregate of US $1,500,000 and
issued 20,000,000 shares in the capital of the Company at an attributed value of
$0.10 per common share (the "Consideration Shares"). An additional US
$1,000,000 is payable on the 1st anniversary of the closing date, if certain
conditions of the vendor are satisfied. A finder's fee is payable in the form
of the issuance of 2,250,000 common shares at an attributed value of $0.10 per
common share (the "Finder Shares") to an arm's length third party. The
Consideration Shares and the Finder Shares are subject to a statutory hold
period of four (4) months plus one (1) day. The acquisition of the Namibia
Licenses remains subject to TSX Venture Exchange ("TSX-V") final acceptance.
Blocks 2712A and 2812A are situated in the Orange basin off of the southern
coast of Namibia and are adjacent to blocks owned by HRT Participacoes em
Petroleo SA, who have announced their plans to commence drilling activities in
the Orange Basin in 2013. The Chariot/Petrobras/BP joint venture has also
announced that subject to further evaluation, it may potentially drill a well on
its Orange Basin acreage, to the east of AOS, in 2013. The Namibia Licenses
cover an area of approximately 2.7 million acres and are also situated directly
west of the Kudu Gas Field. A NI 51-101 technical report is currently being
About Alberta Oilsands Inc.
Alberta Oilsands Inc. is engaged in the exploration and development of
drill-defined domestic assets, and an expanding portfolio of international
projects. AOS holds 106 bitumen leases in the Athabasca oil sands region of
northeast Alberta, primarily its flagship Clearwater and Grand Rapids projects.
In addition, the Company's new Africa initiative is focused on active and known
onshore and offshore basins on the East Africa Rift System and the offshore in
pursuit of additional Cretaceous and Miocene aged critical mass opportunities.
The Company's head office is located in Calgary, Alberta, Canada and Alberta
Oilsands' common shares are traded on the TSX Venture Exchange under the trading
For further information please contact:
Interim CEO & President
+1 416 951 8800
+1 416 907 9422
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 release.
Certain statements included in this press release constitute forward-looking
statements or forward-looking information under applicable securities
legislation. Forward-looking statements or information typically contain
statements with words such as "anticipate", "believe", "expect", "plan",
"intend", "estimate", "propose", or similar words suggesting future outcomes or
statements regarding an outlook. Although AOS believes that the expectations
reflected in such forward-looking statements or information are reasonable,
undue reliance should not be placed on forward-looking statements or information
because AOS can give no assurance that such expectations will prove to be
correct. The forward-looking statements and information are based on AOS'
current expectations, estimates and projections, and are subject to a number of
significant risks and uncertainties that could cause actual results to differ
materially from those anticipated, including general business and economic
conditions, the political, regulatory and economic regime in Namibia and actions
of competitors and prospective partners. Additional risks and uncertainties
affecting AOS and its business and affairs are described in further detail in
the Company's Annual Information Form for the year ended December 31, 2011,
which is available at www.sedar.com. The forward-looking information included
in this press release is expressly qualified in its entirety by this cautionary
statement. The forward-looking information included herein is made as of the
date of this press release and AOS assumes no obligation to update or revise any
forward looking information to reflect new events or circumstances, except as
required by law. Readers are advised not to place undue reliance on
forward-looking statements or information.
To view this press release as a webpage please click on following link:
Source: Alberta Oilsands Inc. (TSX-V AOS) www.aboilsands.ca
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-0- Jan/23/2013 0:00 GMT
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