CALGARY, Dec. 7 /CNW/ - Tanqueray Resources Ltd. (TQY-TSX-V) is pleased to announce that it has entered into a letter of intent with Valero Resources Incorporated, a private Alberta based Corporation, whereby Tanqueray may earn 50% of Valero's interests in 73.5 sections in Northern Alberta.
Tanqueray Resources Ltd. will advance the sum of Three Million ($3,000,000) dollars to Valero, to be used at the discretion of Valero, for the exploration and development of the conventional heavy oil properties in return for Valero deeding to Tanqueray, Fifty (50%) Percent of Valero's interest in the properties.
The above transaction is subject to approval of the TSX Venture Exchange and Tanqueray arranging the necessary financing to complete this transaction.
"Statements in this Press Release may constitute forward-looking statements. Such forward-looking statements include risks, uncertainties and other factors which may cause actual results, performance or achievements of Tanqueray to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Tanqueray does not undertake to update any of such forward-looking statements."
The TSX Venture Exchange has neither approved nor disapproved the information contained herein.
SOURCE TANQUERAY RESOURCES LTD.
For further information: For further information: TANQUERAY RESOURCES LTD., Alan Farmer, President, Tel: (403) 263-9055, Fax (403) 263-9061, Email: firstname.lastname@example.org