Letter of Intent covers farm-in interest in New Mexico oil property
VANCOUVER, Jan. 27, 2012 /CNW/ - RainChief Energy Inc. (OTCBB: RCFEF) today announced the execution of a Letter of Intent with Calgary-based
Nueva Oil & Gas Corporation. The LOI covers a farm-in interest in the
Gulf Jensen Prospect, an oil property located in New Mexico. Nueva's
holdings in the Prospect include 2,044 acres of oil and gas leases.
In announcing the Nueva LOI, RainChief CEO, Paul Heney stated, "Nueva
has identified and acquired what we believe is a very high quality oil
property. In executing this LOI we are confident that RainChief will be
able to conclude an agreement which will put the company in a position
to participate in and benefit from this promising property. We hope to
conclude an agreement within the next 10-14 days."
The Gulf Jensen Prospect is located in the New Mexico portion of the
Permian Basin, an area covering portions of west-central Texas and
southeast New Mexico. The Basin produces 17% of United States crude oil
and represents two-thirds of Texas' current oil production. Proven
reserves are second only to Alaska. The Permian Basin, with production
targets from 1,000 feet to 20,000+ feet in depth, has produced over 20
billion barrels of oil since the first oil well was drilled and
developed in 1921. The New Mexico portion of Basin holds three of the
100 largest oil fields in the United States.
RainChief Energy is actively engaged in identifying, financing &
developing oil & gas energy resource properties in North America that
combine positive elements of short-term exploration & development costs
with high potential for long-term success & financial return.
Additional information can be found at: www.rainchief.com
On behalf of the Board of Directors,
RainChief Energy Inc. (OTCBB: RCFEF)
"Brad J. Moynes"
Brad J. Moynes
This press release contains certain "forward-looking information." All
statements, other than statements of historical fact, that address
activities, events or developments that the Company believes, expects
or anticipates will or may occur in the future constitute
forward-looking information. This forward-looking information reflects
the current expectations or beliefs of the Company based on information
currently available to the Company. Forward-looking information is
subject to a number of significant risks and uncertainties and other
factors that may cause the actual results of the Company to differ
materially from those discussed in the forward-looking information, and
even if such actual results are realized or substantially realized,
there can be no assurance that they will have the expected consequences
to, or effects on the Company. Factors that could cause actual results
or events to differ materially from current expectations include, but
are not limited to, the possibility of unanticipated costs and
expenses. Any forward-looking information speaks only as of the date
on which it is made and, except as may be required by applicable
securities laws, the Company disclaims any intent or obligation to
update any forward-looking information, whether as a result of new
information, future events or results or otherwise. Although the
Company believes that the assumptions inherent in the forward-looking
information are reasonable, forward-looking information is not a
guarantee of future performance and accordingly undue reliance should
not be put on such information due to the inherent uncertainty therein.
SOURCE Rainchief Energy Inc.
For further information:
For corporate information, contact:
Brad Moynes at 604-601-2070 or email@example.com
For investor relations, contact:
Larry K. Davis at 250-595-7714 or firstname.lastname@example.org
RainChief Energy Inc.
885 West Georgia Street, Suite 1500, Vancouver, BC V6C-3E8
T: 604-601-2070 F: 604-683-8125