Sunridge Energy Ltd. Announces Joint Venture Partner and Financing
CALGARY, ALBERTA -- (Marketwire) -- 11/27/12 -- Sunridge Energy Corp. (TSX VENTURE: SRG) ("Sunridge" or the "Corporation") is pleased to announce that it has reached agreement with a Calgary-based private oil and gas investment Corporation (the "JV Partner") of Calgary, Alberta, pursuant to which the JV Partner will farm in on the Corporation's third well in its North Central field discovery, scheduled for late December 2012. The JV Partner shall pay 75% of the total costs to complete the well and bring it on production to earn a 50% interest in the well. In addition, pursuant to the terms of the joint venture Sunridge and the JV Partner have entered into an area of mutual interest over one year, covering 9 sections in proximity to the target well. Sunridge will retain operatorship.
"We are absolutely thrilled with the joint venture arrangement," states Dwayne Tyrkalo, CEO of Sunridge. "Our partner is of exceptional reputation, with tremendous experience and success in the Western Sedimentary Basin. We view this as a sterling endorsement of our prospects and plans in the area."
In addition, Sunridge announces that it is undertaking a $1,000,000 private placement of common shares and flow through shares, priced at $0.15 and $0.18 per share, respectively. Sunridge shall have the option of increasing the private placement to $1,500,000 in the event that it determines the additional amount to be to of benefit and there is sufficient demand. Sunridge will pay commissions or finders' fees of 8% on amounts raised through third parties. The proceeds of the financing will be used for exploration and development activities, potential land acquisitions and for general corporate purposes.
ABOUT SUNRIDGE
Sunridge Energy Ltd. is an Alberta-based exploration and production Corporation focused on cost effective, sustainable oil development projects.
On behalf of the board,
Dwayne Tyrkalo, Chief Executive Officer
FORWARD-LOOKING STATEMENTS
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. Sunridge 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 Sunridge's control. Actual 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, Sunridge 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.
Contacts:
Sunridge Energy Corporation
Dwayne Tyrkalo
President & CEO
(403) 718-9591
dst@sunridge-energy.com
www.sunridge-energy.com
Macam Investor Relations
Cameron MacDonald
President & CEO
(403) 452-6600
cmacdonald@macamgroup.com
www.macamgroup.com
