Invenio signs LOI to drill two oil wells in Saskatchewan
TSX Venture Exchange: IVO
VANCOUVER, Oct. 24, 2012 /CNW/ - Invenio Resources Corp. ("Invenio" or the "Company") announces that it is has entered into a non-binding Letter of Intent ("LOI") with a private oil company ("PrivateCo") setting out the basic terms of the parties' intention to enter into Farmout agreements whereby Invenio will participate in drilling two exploration wells in southeast Saskatchewan. Invenio will be required to contribute 50% of the drilling costs or $1.5 million and after payout Invenio will retain a 25% working interest in the two wells. The LOI provides that Invenio will have the option to participate in a third well on the same terms as the first two wells. PrivateCo has 21 producing wells and two processing plants in the area of the proposed wells and will be the operator of the drilling program.
The LOI provides that Farmout agreements will be prepared upon Invenio funding a minimum of $1.5 million before December 15, 2012 and will be subject to the requisite approval of the TSX Venture Exchange.
The Company maintains an option to earn a 60% interest on the Green Springs gold project in Nevada.
About Invenio Resources Corp.
Invenio Resources Corp is a Canadian based exploration company. The Company's common shares are listed on the TSX Venture Exchange and trade under the symbol IVO. Invenio has an option to earn a 60% interest on the Green Springs gold project, Nevada. The Green Springs deposit, a past producer, is near surface, oxidized and interpreted to be Carlin style.
ON BEHALF OF THE BOARD OF DIRECTORS OF INVENIO RESOURCES CORP.
Neither the 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 contains forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
SOURCE: Invenio Resources Corp.For further information: