/THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO
ANY UNITED STATES NEWS SERVICES/
CALGARY, Feb. 10 /CNW/ - Benchmark Energy Corp. ("Benchmark" or the
"Company"), (TSXV: BEE) reports that its wholly-owned subsidiary, Caribe Oil &
Gas Ltd. ("Caribe"), has entered into a joint venture agreement (the "JV")
with a privately-held Norwegian company, Fram Exploration AS ("Fram"), in
regards to the pursuit of the acquisition or farm-in to eight (8) onshore oil
fields in Trinidad known as the "Eastern Fields" which are being made
available for possible rehabilitation and redevelopment through joint ventures
with Petrotrin, the national oil company of Trinidad. Both Caribe and Fram
have been pre-qualified by Petrotrin to bid on the fields.
Under the terms of the JV, each party is entitled to 50% of whatever
interest in the fields in Trinidad that Caribe and Fram are able to negotiate,
and will share equally in the costs. Fram is already operating a field in
Trinidad and so is deemed a qualified operator by Petrotrin. Caribe brings to
the JV a 5-year preferential right to the proprietary well performance
enhancement technology, known as "radial jetting technology", which the
company recently utilized in Colombia on a pilot project with Ecopetrol SA.
Fram is based in Trondheim, Norway, with offices also in the US
(Colorado) and Trinidad. It holds a 30% interest in the Whitewater gas field
in Colorado which is producing 2 million cubic feet per day of gas plus 50
barrels per day of oil, and it holds 100% of the Advance Field in Trinidad
which is currently producing about 100 barrels of oil per day. In May of 2008,
Fram received US$16 million of start-up capital from Staur Holdings in Norway,
which owns 50% of the company.
Fram and Caribe are finalizing their assessment of the eight (8) onshore
fields in Trinidad, and are preparing bids on one or more fields which are to
be submitted to Petrotrin by February 27, 2009.
Further to its press release of January 26, 2009, Benchmark wishes to
clarify that the "Gas" figures in the table providing net reserves information
(after deduction of royalties, forecast case) with respect to Delavaco Energy
Inc. should have been categorized as being measured in "MMcf" rather than
"Mcf" as noted in the table.
Trading of the Benchmark Shares has been halted by the TSXV and the
Benchmark Shares will remain halted in accordance with TSXV policies until all
required documentation with respect to the transaction with Delavaco has been
Benchmark is a development stage junior Canadian oil and gas exploration
and development company, focused internationally.
Statements in this press release may contain forward-looking information
including expectations with respect to farm-in and acquisition opportunities.
The reader is cautioned that assumptions used in the preparation of such
information may prove to be incorrect. Events or circumstances may cause
actual results to differ materially from those predicted, a result of numerous
known and unknown risks, uncertainties, and other factors, many of which are
beyond the control of the Company. These risks include, but are not limited
to, the risks associated with the oil and gas industry, commodity prices,
general economic conditions, conditions in the capital markets in Canada and
elsewhere and exchange rate changes. Industry related risks could include, but
are not limited to, operational risks in exploration, development and
production, delays or changes in plans, risks associated with the uncertainty
of reserve estimates, health and safety risks and the uncertainty of estimates
and projections of production, costs and expenses.
This news release shall not constitute an offer to sell or the
solicitation of any offer to buy the securities of Benchmark in any
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: