ABBOTSFORD, BC, May 5 /CNW/ - First Choice Products Inc. (CNSX: FCI)
(the "Company") through its wholly owned Alberta corporation,
PetroQuest Ventures Inc., has acquired an interest in its first
PetroQuest Ventures Inc. has entered into a Letter of Agreement to
participate in a re-entry program at SE A1-6-45-4W4M located in Wainwright Alberta. The program is to be a Joint Venture with Five O
Oil & Gas Ltd. of Lloydminster, Alberta. PetroQuest will earn a 45% WI
(working interest) and a 39% NRI (net revenue interest) in the well for
an investment of $50,000 to fund the program. The program is a
re-entry into a previously producing light oil well and calls for a
program to re-enter and test the lower Camrose Tongue oil zone. The
program is scheduled to start in mid May, weather permitting. The work
entails a cement squeeze, drill out, logging and perforating the well
and is scheduled to be a 3 day program, again subject to weather and
equipment availability. An announcement will be made upon commencement,
progress and completion of the program.
The Company's common shares are listed for trading on the Canadian
National Stock Exchange (CNSX) under the trading symbol "FCI".
THE CANADIAN NATIONAL STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT
ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Safe Harbour Statement and Disclaimer: This Press Release includes
"forward-looking statements". A statement identified by the words
"expects", "projects", "plans", and certain of the other foregoing
statements may be deemed forward-looking statements. Although First
Choice Products Inc. believes that the expectations reflected in such
forward-looking statements are reasonable, these statements involve
risks and uncertainties that may cause actual future activities and
results to be materially different from those suggested or described in
this press release. These include risks inherent in the development and
production of oil wells, including risks of fire, explosion, blowout,
pipe failure, casing collapse, unusual or unexpected formation
pressures, environmental hazards, and other operating and production
risks inherent in oil production activities, which may temporarily or
permanently reduce production or cause initial production or test
results to not be indicative of future well performance or delay the
timing of sales or completion of production operations; risks with
respect to oil prices, a material decline in which could cause the
Company to delay or suspend planned drilling operations or reduce
production levels; and risks relating to the availability of capital to
fund drilling operations that can be adversely affected by adverse
drilling results, production declines and declines in oil prices and
other risk factors.
SOURCE First Choice Products Inc.
For further information:
On Behalf of the Board: Robert A. Sim, President
FIRST CHOICE PRODUCTS INC.
#6 - 2076 Townline Rd., Abbotsford, B.C. V2T 6E5
Toll-Free (866) 719-2988 Fax (604) 853-3119
PETROQUEST VENTURES INC.
LW3-1185 the High St. Coquitlam B.C. V3B 0A9
(604)-475-0590 Fax (604) 475-0590