LOI Petromaroc Corp Pl

BE Resources Inc. (TSX VENTURE:BER) ("BE" or the "Company") is pleased to
announce that it has entered into a Letter of Intent ("LOI") with Cunningham
Energy, LLC ("Cunningham"), of Charleston, West Virginia to acquire
approximately 425 acres of oil leases in the Stringtown, Rock Creek, and Green
Creek oil fields (collectively known as the "Oil Leases") within the Smithfield
District in West Virginia, and not less than approximately 400 additional acres
to be agreed upon, contiguous to the Oil Leases. BE will further have the first
right of refusal to acquire additional oil leases to be agreed, being a minimum
of 1,000 acres in area and allowing for a potential of up to an additional 15
horizontal oil wells. 


BE will acquire a 73% net revenue interest in the Oil Leases, Cunningham, an
experienced independent producer of oil and gas based in Charleston, West
Virginia will be the project operator with a 14.5% net revenue interest, with
land owners retaining the remaining 12.5% net revenue interest. 


BE will begin the development program with an initial 3 well horizontal drilling
pad. In consideration for the majority 73% net revenue interest in the Oil Field
leases, BE has agreed to pay the first US$6.5 million of drilling and
development costs of the first three wells, with Cunningham funding any and all
further such costs for the first three horizontal wells. Additional sets of
three wells each, if their development is agreed on by BE and Cunningham, will
be funded under the same conditions.


As consideration, BE will issue a total of 3.5 million common shares of BE, to
be held in escrow and released to Cunningham as follows: a) 500,000 upon
execution of a definitive development agreement and operating agreement; b)
1,000,000 upon completion of the initial 3 wells; c) 500,000 upon a minimum of
350 bpd output (60 consecutive day average daily output measured from the date
of initial production ("Average Output")); d) 500,000 upon a minimum of 550 bpd
Average Output; e) 500,000 upon a minimum of 750 bpd Average Output; e) 500,000
upon a minimum of 1,000 bpd Average Output.


The LOI is conditional on: BE and Cunningham board of director approval;
regulatory approval; due diligence by BE; BE closing a financing of not less
than $US6.5 million; and finalizing a definitive development agreement by no
later than September 30, 2014.


About West Virginia and its Oil Fields

West Virginia has a long history of oil and gas production from proven oil
fields such as the Stringtown, Rock Creek, and Green Creek fields. The advent of
new horizontal drilling and hydraulic fracturing technologies of recent years
has opened up the possibility of economically extracting additional oil from
known reservoirs in the fields. One such reservoir, the 'Big Injun' sandstone of
the Rock Creek field located in Southwestern Roane County, West Virginia
discovered in 1906 has an estimated 25.5 million barrels of oil cumulative
production since discovery with censused oil in place estimates ranging from 90
million to 276 million barrels depending on the average pay zone thickness used
in estimates. (1) 


(1) West Virginia Geological and Economic Survey, Publication B-43, pages 57-60. 

About Cunningham Energy LLC

Cunningham Energy is an independent producer of oil and gas based in Charleston,
West Virginia with over 100 employees including experienced operations and
drilling teams as well as industry petroleum consultants. Using new
technologies, Cunningham Energy and it's affiliates are re-exploring proven oil
and gas fields and have acquired over hundreds of oil & gas wells and nearly
30,000 acres of old and new drilling leases. So far, Cunningham has re-worked
and stimulated over 250+ wells with a 98% successful completion rate. In
February, 2014, Cunningham drilled the first commercial Big Injun Sandstone
horizontal oil well in West Virginia. Cunningham Energy believes significant
opportunity remains for profitable production from the Oil Fields of West
Virginia with horizontal drilling and completion. 


For more information, please visit www.cunninghamenergy.com 

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: 
BE Resources Inc.
Carmelo Marrelli
Chief Financial Officer
(416) 704-3256
info@beresources.ca


Cunningham Energy LLC
Ryan Cunningham
President
(304) 344-9291
info@cunninghamenergy.com
www.cunninghamenergy.com

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