CUT BANK, Mont., Sept. 27 /CNW/ -- MAJESTIC OIL & GAS, INC (OTC Bulletin
Board: MJOG) (the "Company"), a United States Public Company whose securities
are qualified for quotation on the Over the Counter Bulletin Board today
announced that a Buy/Sell Agreement has been signed. This agreement outlines
that the Company will be acquiring 50% Working Interest in 18 producing gas
wells located in the Williams Gas Field, Pondera County, Montana from Altamont
Oil & Gas, Inc and Numbers, Inc. This Agreement also includes 13,440 acres of
proven undeveloped natural gas reserves located in the Williams Gas Field.
The Buy/Sell Agreement outlines a purchase price of US$676,840. The terms
further state that Majestic Oil & Gas, Inc will pay Altamont Oil & Gas, Inc
and Numbers, Inc $500,000 cash and $176,840 in stock valued at $0.50 per
share. This would equate to 353,680 restricted common shares of Majestic Oil &
Gas, Inc. The proceeds from this sale will be shared equally by Altamont Oil &
Gas, Inc and Numbers, Inc.
The reservoir engineering report was prepared by Citadel Engineering out
of Calgary, Alberta. The price is that which is stated in the report.
Majestic Oil & Gas, Inc is an oil and gas drilling, exploration and
production Company located in the Rocky Mountain area.
MAJESTIC OIL & GAS, INC
"Patrick M. Montalban"
Patrick M. Montalban, Chairman of the Board
President & Chief Executive Officer
THIS NEWS RELEASE WAS PREPARED BY MANAGEMENT. THE OTCBB DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS
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