/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES/
EDMONTON, April 17 /CNW/ - Loma Oil and Gas Ltd. ("Loma" or the
"Company") is pleased to announce that the Company has signed a farm in option
agreement with HTI Ventures Corp. ("HTI") for two horizontal wells to be
funded and drilled, during the 2007 exploration season on Loma's Ribstone
property. Loma currently holds a 62.5% working interest as the operator. After
each of the wells are drilled and completed, Loma will remain the operator and
will retain a before payout interest of 6.25% and after payout interest of
25%. The two well program is expected cost approximately C$2 million.
HTI will have the option concurrently to drill the two horizontal test
wells extending no deeper than the base of the Mannville Group each at a
location of HTI's choice on the two sections of land. HTI will pay 100% of the
Company's potential costs of the two well program. HTI is currently listed on
the NEX market. Its obligations under the farm in are subject to a number of
conditions including the approval of HTI's reactivation to the TSX Venture
Exchange and completion of a financing.
On behalf of the Board of Directors
Marshall Pearson, President
Loma Oil and Gas Ltd. is an Edmonton based junior natural resource
company with 13,479,495 shares issued, trading on TSX Venture Exchange under
the symbol "LOG".
The TSX Venture Exchange Inc. has neither approved nor disapproved
the information contained herein.
This news release contains forward-looking information including but not
limited to comments regarding the timing and content of upcoming drilling
programs, geological interpretations and intentions to complete an option
agreement. Forward-looking information includes disclosure regarding possible
future events, conditions or results of operations that is based on
assumptions about future economic conditions and courses of action, and
therefore, involves inherent risks and uncertainties. Actual results may
differ materially from those currently anticipated in such statements. For
such statements, we claim the safe harbor for future.
For further information:
For further information: please visit www.sedar.com, or contact Marshall
Pearson, President, Loma Oil and Gas Ltd., telephone (780) 451-0071