CALGARY, June 12 /CNW/ - Pine Cliff Energy Ltd. ("Pine Cliff" or "the
Company") (www.pinecliffenergy.com) (TSX Venture: PNE) is pleased to announce
that its 93% owned subsidiary, CanAmericas Energy Ltd. ("CanAmericas"), has
completed another major farm in arrangement in Argentina. This farm in will
result in Pine Cliff earning an interest in a total of 252,048 gross acres
(63,012 net acres) of exploration and exploitation lands.
CanAmericas now has interest in 1,166,534 gross acres (net 606,431) in
Argentina and is well positioned to proceed with aggressive exploration
programs in the future.
CanAmericas has negotiated rights to earn a 25% working interest in 1,020
gross km(2) (63,012 net acres) in an exploration concession which is situated
on the southeast flank of the prolific Neuquen Basin, Argentina. The
concession is adjacent to the Estacion Fernandez Oro oil field situated to the
northwest, and adjacent to Flor de Roca, General Roca, and Don Jose oil fields
to the north. These fields collectively produce from the Lower Cretaceous -
Jurassic aged Quintuco, Lotena, Los Molles, and Punto Rosada Formations.
Additionally, it is believed that the Pre-Cuyo interval may also have
significant potential, as it lies on trend with Chevron's La Yassera and Loma
Negra fields. Expected target depths range from 500 - 2,200 m. There are 140
km of existing 2D seismic lines, but no wells have been drilled on the block.
Plans include reprocessing the existing seismic data and acquiring 250 km(2)
of proprietary 3D seismic to mature the inventory of existing leads. To earn
this 25% working interest the Company has committed to pay 40% of the costs to
acquire the 250 km(2) proprietary 3D seismic. The costs for 40% of the seismic
program are estimated to be U.S. $1,080,000.00.
This Farm In Arrangement is subject to completion of due diligence by
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: relating to the Company may be found on
SEDAR.COM as well as on the Company's website at www.pinecliffenergy.com or by
contacting George F. Fink, President, and CEO, Randy M. Jarock, COO, or Garth
E. Schultz, Vice President - Finance, and CFO at (403) 269-2289 or by fax at