Consolidated Beacon Resources Ltd. Prepares to Explore for Natural Gas
07 March 2009 - 8:26AM
Marketwired
Consolidated Beacon Resources Ltd. ("Beacon" or "the company")
(TSX-V: KBC) announces that it has entered into an agreement,
subject to formal documentation, with Stealth Energy Inc. on
approximately 40,000 acres of natural gas leases in Stillwater
County, Montana.
Stealth Energy has selected drill locations and will incur all
mobilization and demobilization charges. Beacon has committed to an
initial three well drill program and can drill up to 15 wells in
total during the first phase of the agreement. If Beacon fulfils
the first phase of the agreement it will have the right to drill an
additional 15 wells in the second phase of the agreement for a
possible total of 30 wells.
For a successful well, Beacon and Stealth Energy have agreed to
enter into a Joint-Operating Agreement, in which, Stealth Energy
will be the operator of the well. Beacon will first recover all
cost associated with the well; thereafter the parties will split
the revenue after continuing production costs on a 50/50 basis.
Stealth Energy has successfully drilled and completed 2 natural
gas wells. As a result, a connecting pipeline (12 miles to SAGA
main distribution line) is near completion and formal agreements
for transportation (SAGA) and sale (C.I.G. / Jefferson Trading) are
executed and in place. All pipeline and drill work is being carried
out by Big Snowy Resources, a private company which has extensive
experience and specific knowledge of Montana and specifically the
"Little Basin" field and the surrounding area.
About Consolidated Beacon Resource Ltd.
Consolidated Beacon Resource Ltd. is in the business of
evaluating and acquiring oil and natural gas properties for
exploration and development in Canada and the United States. The
Company's shares trade on the TSX Venture Exchange under the symbol
KBC.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
This release may contain or be deemed to contain forward-looking
statements that involve risks and uncertainties. These statements
may differ materially from actual events or results. Readers are
referred to the most recent documents filed by the Corporation on
SEDAR (www.sedar.com), specifically the most recent reports which
identify important risk factors that could cause actual results to
differ from those contained in the forward-looking statements. The
Corporation undertakes no obligation to review or confirm analysts'
expectations or estimates or to release publicly any revisions to
any forward-looking statements to reflect events or circumstances
after the date hereof or to reflect the occurrence of unanticipated
events. Forward-looking statements include references to production
and cash flows before and after payout.
FOR FURTHER INFORMATION ABOUT THE COMPANY, PLEASE CONTACT:
Consolidated Beacon Resources Ltd. Vancouver Office Archie Boyce
Director Email: archie@consolidated-beacon.com Telephone: (604) 683
5445 ext 227 or visit the Company's website at
http://www.consolidated-beacon.com
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