TSXV: SFT
CALGARY,
Dec. 17, 2013 /CNW/ - Softrock
Minerals Ltd." or the "Company") (TSXV: SFT) is pleased to report
that the Company and its 50% joint venture partner, Greencastle
Resources Ltd., have jointly farmed out their 100% working interest
in their 640 acre petroleum and natural gas (P&NG) lease in the
Spirit River area of Northwest Alberta to an operator which is
active in the area.
The terms of the agreement include an upfront
payment to Softrock and Greencastle of $400,000 along with a 5.0% gross overriding
royalty on future production with no deductions, plus a commitment
to drill and complete (or abandon) one horizontal well to test the
Charlie Lake formation in 2014.
Spacing units allowing for four Charlie
Lake horizontal wells and four shallower vertical Doe Creek
wells (targeting an additional horizon that produces in places in
the area), have been obtained in adjacent leases and could be
utilized in the future if the farmee wishes.
Recently, interest in the Charlie Lake formation has been steadily
increasing in the Spirit River area. At the last Alberta government sale, a 640-acre parcel of
similar P&NG rights directly offsetting the Company's lease to
the north sold for over $900,000,
while, at the same sale, another parcel of one-half section
directly adjoining to the southeast went for in excess of
$200,000.
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.
This news release includes certain "forward
looking statements" within the meaning of that phrase under
Canadian securities laws. Without limitation, statements
regarding potential mineralization and resources, exploration
results, and future plans and objectives of the Company are forward
looking statements that involve various degrees of risk.
Forward-looking statements reflect management's current views with
respect to possible future events and conditions and, by their
nature, are based on management's beliefs and assumptions and
subject to known and unknown risks and uncertainties, both general
and specific to the Company. Although the Company believes the
expectations expressed in such forward-looking statements are
reasonable, such statements are not guarantees of future
performance and actual results or developments may differ
materially from those in our forward-looking statements. The
following are important factors that could cause the Company's
actual results to differ materially from those expressed or implied
by such forward looking statements: changes in the world wide price
of commodities, general market conditions, risks inherent in
exploration, risks associated with development, construction and
mining operations, the uncertainty of future profitability and the
uncertainty of access to additional capital. Additional
information regarding the material factors and assumptions that
were applied in making these forward looking statements as well as
the various risks and uncertainties we face are described in
greater detail in the "Risk Factors" section of our annual and
interim Management's Discussion and Analysis of our financial
results and other continuous disclosure documents and financial
statements we file with the Canadian securities regulatory
authorities which are available at www.sedar.com. The
Company undertakes no obligation to update this forward-looking
information except as required by applicable law. The Company
relies on litigation protection for forward looking
statements.
SOURCE Softrock Minerals Ltd.
