Golden Coast Partner Receives Farm-In Approval – Well Workovers to Commence in Coming Weeksadmin
Vancouver B.C. January 17, 2014: Golden Coast Energy Corp. ("Golden Coast" or the "Company") is pleased to announce the closing on January 17, 2014 of the previously announced farm in agreement (see August 9, 2013 and October 2, 2013 news releases) with Red Pine Investment Ltd.("Red Pine"), which allows Red Pine the exclusive right to farm-in to a 60% interest in certain of its oil and gas wells (the "Wells"), located in north central Alberta (the "Transaction")
Pursuant to the Transaction, Red Pine will acquire the exclusive right to farm in to the Wells by expending an aggregate of $1,000,000 on the Wells, of which $200,000 has been expended to date through the prior advancement of $200,000 by Red Pine to Golden Coast.
Red Pine has also acquired a right of first refusal to identify and drill any and all oil and gas wells (the "New Wells") drilled on the Company’s Millet project for a four year period expiring on January 17, 2018. If Red Pine elects to exercise the right of first refusal, it will acquire a 60% working interest in the New Wellsl provided that it contributes 100% of the actual costs of the New Wells and associated development work.
ABOUT GOLDEN COAST
Golden Coast is a junior oil and gas exploration and development company with production operations in the Province of Alberta.
On behalf of the board,
President and Director
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Golden Coast cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Golden Coast’s control. Such factors include, among other things: risks and uncertainties relating to Golden Coast’s ability to complete the drilling of the Test Well; earn a working interest in the Property and that there will be production from any wells drilled. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Golden Coast undertakes no obligation to publicly update or revise forward-looking information.
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.
For further information please contact:
Golden Coast Energy Corp.
650 West Georgia St. Suite 620
Vancouver, British Columbia V6B 4N9
Posted: January 18th, 2014 under ACCESSWIRE.