Stonehaven Corporate Update
CALGARY, AB--(Marketwired - October 09, 2015) - Stonehaven Exploration Ltd. ("Stonehaven" or the "Company") (TSX VENTURE: SE) reports that it has entered into a Farmout and Participation Agreement to initially drill up to 4 horizontal Belly River oil well prospects with working interests averaging approximately 65% BPO/35% APO in 5 sections of land in central Alberta. The Farmout and Participation Agreement also provides for an Area of Mutual Interest covering an additional 2 sections of land. The first location is expected to spud on October 10, 2015.
The participation in these wells is expected to enable the Company to meet its $3.4 million flow-through obligations in 2015.
The Company also reports that the Alberta Court of Queen's Bench has approved the settlement of the class action proceedings involving the Company, the details of which are set out in the Company's news release dated July 10, 2015 and available on the Company's profile at www.sedar.com.
Further information relating to Stonehaven is also available on its website at www.stonehavenexp.com.
ADVISORY ON FORWARD-LOOKING STATEMENTS: This news release contains certain forward-looking information and statements ("forward-looking statements") within the meaning of applicable securities laws. In particular and without limitation, this news release contains forward-looking statements concerning the timing of the spud of the first drilling location and the satisfaction of the Company's 2015 flow-through obligations.
Forward-looking statements are based on a number of material factors, expectations or assumptions of the Company which have been used to develop such statements and information but which may prove to be incorrect. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Additional information regarding some of these risks, expectations, assumptions and other factors may be found in the Company's Annual Information Form and Management's Discussion and Analysis prepared for the year ended December 31, 2014. The reader is cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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 NEWS RELEASE.
Contact
Stonehaven Exploration Ltd.
Malcolm Todd
President and Chief Executive Officer
Telephone: (403) 237-5700
Email: info@stonehavenexp.com
www.stonehavenexp.com
