TORONTO, June 26, 2014 /CNW/ - Rift Energy Corp. ("Rift Energy") is pleased to announce the completion of its 2D Seismic Program covering 724 line kilometers on Block L19 in Kenya.
Preliminary results of the 2D Seismic Program has produced high quality data. Numerous leads and prospects that correlate to Rift Energy's proprietary Aerial Gravity & Magnetic Survey and Geochemical Survey, both of which were completed during 2013. The acquired 2D seismic data is now undergoing processing and interpretation, with results expected within the next 60 days.
In addition, Rift Energy is also commencing several community projects within Block L19, including water related infrastructure and the construction of additional classrooms at various locations within Kilifi and Kwale counties. Upon completion of the aforementioned community projects, Rift Energy will have met or exceeded all of the items included in the work program for the first exploration phase for Block L19, which ends in September.
Fred Zaziski, President and CEO of Rift Energy stated, "The preliminary results of our 2D Seismic Program have been outstanding. Numerous leads and prospects at various depths have been identified, all of which will be further defined when the 2D seismic data is processed and interpreted. Upon completion of the 2D seismic and processing, interpretation we expect to be in the position to pick a location to drill our first exploratory well on Block L19, which is expected to be drilled during the next exploration phase that starts in September."
About Rift Energy
Rift Energy is a privately owned early-stage oil and gas exploration company that is focused on acquiring oil and gas projects in east Africa. Rift Energy's strategy is to identify under-explored assets with high upside that, when exploited, will yield substantial value for its shareholders.
About Block L19, Kenya
Block L19 encompasses approximately 12,000 KM2 (2.9 million acres) onshore in southeast Kenya, where Rift Energy is the operator and owns a 100% participating interest. There has been only one well drilled on Block L19 to date, the Ria Kalui 1 well, which was drilled off structure to a depth of 1,538 meters in 1962 and was plugged after encountering oil shows in the Karoo formation.
The common shares of Rift Energy has not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any state, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and all applicable state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy the common shares in the United States or to, or for the account or benefit of, U.S. persons.
SOURCE: Rift Energy Corp.
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