/THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO
ANY UNITED STATES NEWS SERVICES/
CALGARY, Sept. 21 /CNW/ - Benchmark Energy Corp. ("Benchmark" or the
"Company" - TSX Venture: BEE) announces that further to the Company news
release of August 14, 2007, Benchmark continues to make progress towards the
acquisition of interests in the Azar Block in the Putumayo Basin of Colombia,
from Geoadinpro Ltda ("Geoadinpro"), a local Colombian company. Pursuant to
the terms of the agreement between Benchmark and Geoadinpro (the "Agreement"),
Benchmark has agreed to pay US$2 million in cash plus US$1 million worth of
Benchmark shares, in exchange for a 20% interest in the portion of the block
containing the Palmera and Florida structures, and a 15% interest in the
remainder of the block. This acquisition by Benchmark is subject to the
satisfactory completion of due diligence by Benchmark, and to the completion
of formal documentation.
The previously announced exclusive option held by Benchmark on another
block in the Putumayo Basin of Colombia has expired and the Company is no
longer working on this particular acquisition.
Elsewhere in Colombia, the Company is continuing its negotiations and due
diligence on a number of acquisition and farm-in opportunities that have been
presented to Benchmark, most of which involve either mature, producing fields
or proven but non-producing fields and appear to be good potential
applications for the proprietary radial drilling technology that the Company
has the exclusive right to use in Colombia.
The Company also wishes to announce that, in addition to the
opportunities it is pursuing in Colombia, it is also in active negotiations
towards the possible purchase of an interest in mature, producing fields in
Benchmark also wishes to announce that it has granted a total of 447,500
options to purchase capital stock of the Company at a price of $0.53, for a
period of five years to officers and directors of the Company, pursuant to the
Company's stock option plan.
Options granted to directors and officers vest as to 1/3 of the total
number of options six months after the date of grant, a further 1/3 of the
total number of options one year after the date of grant, and the remaining
1/3 of the total number of options eighteen months after the date of grant.
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.
Certain information regarding Benchmark contained herein may constitute
forward-looking statements within the meaning of applicable securities laws.
Forward-looking statements may include estimates, plans, anticipations,
expectations, opinions, forecasts, projections, guidance or other similar
statements that are not statements of fact. Although Benchmark believes that
the expectations reflected in such forward-looking statements are reasonable,
it can give no assurance that such expectations will prove to be correct.
These statements are subject to certain risks and uncertainties and may be
based on assumptions that could cause actual results to differ materially from
those anticipated or implied in the forward-looking statements. Benchmark's
forward-looking statements are expressly qualified in their entirety by this
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, Phone: (403) 802-0770, Fax: (403) 266-5732, E-Mail: