/THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO
ANY UNITED STATES NEWS SERVICES/
CALGARY, Sept. 11 /CNW/ - Benchmark Energy Corp. ("Benchmark" or the
"Company"), (TSXV:BEE) reports that, further to its news release of April 28,
2008, it has completed the sale of the Company's 31.67% net interest in the
offshore Cosmos concession in Tunisia to a wholly-owned subsidiary of
Calgary-based Storm Ventures International Inc. ("SVI"). The Company received
a total of US$5.65 million in cash, and will net approximately US$5.2 million
after buying-out a carried interest holder; Benchmark had agreed to sell to
SVI its interest as well as a 1.66% carried interest held by another party,
for a total 33.33% interest. Benchmark carried the Cosmos interest on its
balance sheet at a value of $458,926.
If SVI subsequently sells the Cosmos interest to an arms-length party
during the first 6 months from the signing of the Sale and Purchase Agreement,
Benchmark shall be entitled to receive 50% of any proceeds of the sale of
greater than US$6 million, net of costs.
The sale of the Cosmos interest in Tunisia permits Benchmark to focus all
of its resources on opportunities in Latin America.
Benchmark further reports the granting of 350,000 stock options to
certain directors of the Company, at a price of $0.25. The Company currently
has 26,028,578 shares issued and outstanding.
Benchmark is a junior Canadian oil and gas exploration company, focused
This news release shall not constitute an offer to sell or the
solicitation of any offer to buy the securities in any jurisdiction.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Benchmark Energy Corp., David R. Robinson,
President & CEO, Phone: (403) 802-0770, Fax: (403) 266-5732, E-Mail: