Greencastle Alberta Oil Lease Extension Approved
TORONTO, ONTARIO -- (Marketwired) -- 10/22/13 -- Greencastle
Resources Ltd. ("Greencastle" or the "Company") (TSX VENTURE:VGN) is
pleased to report that Alberta's Department of Energy has extended
the term on the 640-acre petroleum and natural gas (P&NG) lease at
Spirit River, NW Alberta, held 50-50 by Greencastle Resources Ltd.
and its partner, Softrock Minerals Ltd., to June 11, 2015.
Over the past few weeks, Tourmaline Oil Corp., through its operating
subsidiary Exshaw Oil Corp., has applied to the Alberta government
for altered spacing units that will permit horizontal well
completions in the Charlie Lake formation in the sections offsetting
to the south and southwest of Greencastle's lease.
Interest has been steadily increasing in the area. At the last
Alberta government sale, a 640-acre parcel of similar P&NG rights
directly offsetting Greencastle's lease to the north sold for over
$900,000, while another parcel of one-half section at the same sale
directly adjoining to the southeast went for in excess of $200,000.
Commenting on these developments, Anthony Roodenburg, Greencastle CEO
stated: "Activity and land prices have picked up smartly in the area
and we are in discussions with several parties regarding development
of this section. Our land is now essentially surrounded by new
production or recently purchased land holdings. Our discussions are
focused on bringing in a partner to drill, allowing Greencastle to
hold an overriding royalty similar to the revenue model we have at
Primate in Saskatchewan."
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.
This news release includes certain "forward looking statements"
within the meaning of that phrase under Canadian securities laws.
Without limitation, statements regarding potential mineralization and
resources, exploration results, and future plans and objectives of
the Company are forward looking statements that involve various
degrees of risk. Forward-looking statements reflect management's
current views with respect to possible future events and conditions
and, by their nature, are based on managemen
t's beliefs and
assumptions and subject to known and unknown risks and uncertainties,
both general and specific to the Company. Although the Company
believes the expectations expressed in such forward-looking
statements are reasonable, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in our forward-looking statements. The
following are important factors that could cause the Company's actual
results to differ materially from those expressed or implied by such
forward looking statements: changes in the world wide price of
commodities, general market conditions, risks inherent in
exploration, risks associated with development, construction and
mining operations, the uncertainty of future profitability and the
uncertainty of access to additional capital. Additional information
regarding the material factors and assumptions that were applied in
making these forward looking statements as well as the various risks
and uncertainties we face are described in greater detail in the
"Risk Factors" section of our annual and interim Management's
Discussion and Analysis of our financial results and other continuous
disclosure documents and financial statements we file with the
Canadian securities regulatory authorities which are available at
www.sedar.com. The Company undertakes no obligation to update this
forward-looking information except as required by applicable law. The
Company relies on litigation protection for forward looking
Greencastle Resources Ltd.
(416) 367-4571 x 233
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