|By Marketwired .||
|June 24, 2014 07:30 AM EDT||
BELIZE CITY, BELIZE -- (Marketwired) -- 06/24/14 -- The directors and management of Kilimanjaro Capital (GXG: KCAP)(OTC PINK: KIMJF) are pleased to announce that it has entered into a letter of intent to acquire certain oil and gas assets located in the Long Coulee and Parkland regions of southern Alberta, Canada, from Verity Energy Ltd. The Letter of Intent is conditional upon a number of conditions, including the parties agreeing to a formal purchase and sale agreement.
The Assets are located in the Long Coulee/Parkland area of Alberta and production is predominantly from the Belly River, Medicine Hat, Bow Island and Mannville formations. May 2014 production at the Property was approximately 124 boe/d. A portion of the production is currently shut-in pending the terms for a processing agreement being agreed upon. It appears that such an agreement will be reached in the near future after which an approximate 40 boe/d of production will likely be added. This is anticipated to bring total production to over 160 boe/d. The assets include an interest in approximately 85 sections of land.
Verity is a privately held Alberta corporation engaged in the exploration and development of oil and gas properties in the western Canadian sedimentary basin. Verity currently resource producing properties in Alberta and British Columbia.
Kilimanjaro hopes to obtain details of an NI 51-101 report on the asset in the near future.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "will" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Corporation's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Corporation. The forward-looking information contained in this release is made as of the date hereof and the Corporation is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.