MOO:TSX Venture Exchange
CALGARY, July 28 /CNW/ - Darrell Brown, Chief Executive Officer of
Mooncor Oil & Gas Corp. ("Mooncor") is pleased to announce that Mooncor
(through its wholly owned operating subsidiary Mooncor Energy Inc.) has signed
a joint venture agreement (the "Agreement") with Greentree Gas & Oil Ltd.
("Greentree") (TSXV:GGO), an Ontario based junior oil and gas explorer, to
farm into a selected portion of Greentree's existing land base in South
Pursuant to the terms of the Agreement, Mooncor shall, on or before
December 31, 2009, subject to surface access, regulatory approval and rig
availability, expend $2,000,000 on qualifying expenditures (e.g. costs of
acquiring title documents, drilling, completion, capping and seismic
acquisition and processing costs). Mooncor has the option to expend an
additional $1,500,000 in each subsequent year commencing January 1, 2010.
Mooncor shall initially earn an undivided 100% of the working interest of the
lands which shall, upon payout, convert to an undivided 60% working interest.
In addition, pursuant to the terms of the Agreement, Mooncor will
undertake to use commercially reasonable best efforts to acquire up to 100,000
acres of petroleum and natural gas rights in the South Western Ontario Basin
for which Greentree will be entitled to an undivided 10% working interest.
Subject to the terms of the Agreement,Greentree may elect to expend
$1,000,000 per year (to earn 60%) on qualifying expenditures on the new lands
which may be acquired by Mooncor.
Greentree is appointed operator. Mooncor will review and approve all
earning projects and expenditures related to the joint venture.
This is the first of two transactions as mentioned in Mooncor's news
release dated July 2, 2008.
About Mooncor Oil & Gas Corp.
Mooncor (through its wholly owned operating subsidiary Mooncor Energy
Inc.) is a junior oil and gas exploration and development company, with
unconventional shale gas, light oil and heavy oil projects in Saskatchewan,
Alberta and South Western Ontario. Mooncor is focusing on both its shale gas
opportunities and its oil operations.
The information in this news release includes certain information and
statements about management's view of future events, expectations, plans and
prospects that constitute forward looking statements. These statements are
based upon assumptions that are subject to significant risks and
uncertainties. Because of these risks and uncertainties and as a result of a
variety of factors, the actual results, expectations, achievements or
performance may differ materially from those anticipated and indicated by
these forward looking statements. Although Mooncor believes that the
expectations reflected in forward looking statements are reasonable, it can
give no assurances that the expectations of any forward looking statements
will prove to be correct. Except as required by applicable securities laws,
Mooncor disclaims any intention and assumes no obligation to update or revise
any forward looking statements to reflect actual results, whether as a result
of new information, future events, changes in assumptions, changes in factors
affecting such forward looking statements or otherwise.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this press release.
For further information:
For further information: Richard Cohen, Vice-President (Corporate
Development), Mooncor Oil & Gas Corp., Tel: (905) 882-4422,
firstname.lastname@example.org; Jason Monaco, First Canadian Capital Corp., Tel: (416)