Rift Energy Corp acquires Block L19 in the Republic of Kenya
/Not for dissemination to U.S. newswire services /
TORONTO, June 25, 2012 /CNW/ - Rift Energy Corp ("Rift Energy") is pleased to announce the signing of a Production Sharing Contract ("PSC") covering oil and gas exploration activities on Block L19 in the onshore Lamu Basin within the Republic of Kenya on June 21, 2012. Block L19 encompasses approximately 12,000 KM2 (2.9 million acres) onshore in southern Kenya beginning at the Tanzania border and flanked by the Indian Ocean to the east and extends approximately 160 km to the north.
After review of gravity maps and other data by the company's technical team, multiple structures have been identified and an exploration program is being planned to commence soon to assess the hydrocarbon potential of Block L19. There has been only one well drilled on this block to date, the Ria Kaluli 1 well, which was drilled off structure to a depth of 1,538 meters in 1962 and was plugged after encountering oil shows in the Karoo formation. Additional seismic surveys and technical studies will be conducted in order to build a prospect inventory and high grade potential drilling locations.
Fred Zaziski, President and CEO of Rift, stated "We are very excited to commence an exploration program in Kenya. Block L19 has tremendous upside potential. It is on trend with several offshore blocks where Apache, Anadarko, Total and other large companies each have multi-million dollar exploration programs in progress. Additionally, this block is located very near the port city of Mombasa, which could give us a ready market should we make a major oil or gas discovery".
About Rift Energy
Rift Energy is a privately owned early-stage oil and gas exploration company headquartered in Toronto, Canada that is focused on acquiring oil and gas projects in east and central Africa. Our management team has a proven track record with regards to starting up successful international oil and gas projects. Rift Energy's strategy is to identify under-explored assets with high upside that, when exploited, will yield substantial value for its shareholders. Our corporate offices are located in Toronto, Canada, with our operational activities located in the Woodlands, Texas.
The common shares of Rift Energy have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any state, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and all applicable state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy the common shares in the United States or to, or for the account or benefit of, U.S. persons.
President and CEO
Rift Energy Corp
47 Colborne Street, Suite 201
Toronto, ON M5E1P8 Canada
Chief Financial Officer
(832) 299-6692 ext 106
Rift Energy USA Inc.
2170 Buckthorne Place, Suite 350
The Woodlands, TX 77380 USA