Enterprise Energy Closes Farm-in Agreement in Papua New Guinea With Heritage
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/22/13 --
Enterprise Energy Resources Ltd. (the "Company" or "Enterprise") (TSX
VENTURE:EER) is pleased to announce that Telemu No. 18 Ltd.
("Telemu"), a Papua New Guinea based subsidiary of LNG Energy Ltd.
("LNG") (TSX VENTURE:LNG), has closed its farm-in agreement with
wholly owned subsidiaries of Heritage Oil Plc ("Heritage"). In
exchange for an 80% participating interest in the PPL 319 and PRL 13
licenses (as announced in the press release of April 2, 2013),
Heritage has made a cash payment to Telemu of US$4 million plus the
reimbursement of costs associated with the recently completed 22 km
Tuyu seismic program. In addition to the cash payment, Heritage has
also committed to funding the acquisition of a minimum of 100 km of
seismic within the license areas and the drilling of one exploration
well in PPL 319 to a depth sufficient to test identified exploration
targets. The 22 km Tuyu program will count towards the fulfillment of
these commitments. The PPL 319 license is held by Telemu and prior to
closing the Company effectively owned 15.75% of Telemu through its
50% owned subsidiary, EERL Holdings (BVI) Ltd. The Company does not
own any part of PRL 13.
Enterprise is a Canadian exploration and development company with oil
and gas properties in Montana, USA and Papua New Guinea. Enterprise
holds a 3.15% interest Telemu which holds PPL 319. Enterprise also
holds a 100% working interest (80% net revenue interest) in
approximately 13,000 net mineral acres of oil and gas leases in
Daniels and Sheridan Counties located in north east Montana as well
as a 100% working interest (79% net revenue interest) in
approximately 46,700 net acres of oil and gas leases in Cascade
County, western Montana.
ENTERPRISE ENERGY RESOURCES LTD.
Geoff Carrington, President & CEO
Cautionary Note Regarding Forward-Looking Statements
Except for the statements of historical fact contained herein, the
information presented constitutes "forward-looking statements". Such
forward-looking statements, including but not limited to those with
respect to the closing of the transactions and the fulfillment of
Heritage's obligations under the farm-in agreement, the size and
timing of the seismic acquisition and uncertainties and other factors
which may cause the actual results, performance or achievements of
the Company to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Although the Company has attempted to
identify important factors that could cause actual results to differ
materially, there may be other factors that cause results not to be
as anticipated, estimated or intended. There can be no assurance that
such statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
Shares Outstanding: 47,726,795
Neither 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
Enterprise Energy Resources Ltd.
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