Petrichor Enters Into Participation Agreement for 50% Working Interest in Marble Falls Property, Texas
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/31/12 -- Petrichor Energy Inc. (TSX VENTURE: PTP)(FRANKFURT: YQN) (Petrichor or the Company) announces further to its News Release dated July 30, 2012 that it has now entered into a definitive Participation Agreement, subject to receipt of regulatory approval, to acquire a 50% working interest in certain acreage covering approximately 7045 acres located in Young County and Jack County, Texas, known as the Marble Falls Prospect, together with such additional acreage as may be acquired by the vendor and agreed to by Petrichor.
The Prospect formations targeted are in the Mississippi Lime & Marble Falls formations located in North Central Texas. The Mississippi Lime is a Mississippian age porous limestone formation that is deposited beneath the Barnett Shale, which is analogous to the Mississippi Lime play in Kansas and Oklahoma. The Marble Falls formation is a Pennsylvanian age limestone; analogous to the Strawn Lime play in West Texas. To date, independent operators have drilled over 50 vertical and horizontal multi-stage frac'd wells in the Marble Falls and Mississippi limestone with positive results.
ON BEHALF OF THE BOARD
Joe DeVries, Chief Executive Officer
Forward-Looking Statements:
This note contains forward-looking statements regarding future events and Petrichor's future results. These statements are based on current expectations, estimates, forecasts, and projections about the industry in which Petrichor operates and the beliefs and assumptions of Petrichor's management. Words such as "expects", "anticipates", "targets", "goals", "projects", "intends", "plans", "believes", "seeks", "estimates", "continues", "may", variations of such words, and similar expressions, are intended to identify such forward-looking statements. In addition, any statements that refer to projections of Petrichor's future financial performance, Petrichor's anticipated growth and potentials in its business and other characterizations of future events or circumstances are forward-looking statements. Readers are cautioned that these forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict, including those identified elsewhere herein and Petrichor's filings on www.sedar.com. Therefore, actual results may differ materially and adversely from those expressed in any forward-looking statements. Petrichor undertakes no obligation to revise or update any forward-looking statements for any reason.
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.
Contacts:
Petrichor Energy Inc.
(604) 718-2800
www.petrichorenergy.com
