Issued in Correction of the News Release of 15th March, 2007
VANCOUVER, March 16 /CNW/ - Tearlach Resources Ltd. (TSX.V: TEA) Tearlach
Resources Ltd. has acquired two oil leases totaling 90 acres of former
oil-producing property located in the Kern Front oil field at Bakersfield,
A memorandum of understanding (MOU) has been entered into between the
company and Oil & Gas Technology Services Inc. of Encino, Calif., for the
acquisition of a 60-per-cent ownership in two additional parcels of
approximately 45 acres, each contiguous to the portions of the Kern Front oil
field in which the company recently acquired a 60-per-cent ownership interest.
Consideration for the acquisition will comprise 1.4 million fully paid
and non-assessable common shares of the company at a nominal value of 80 cents
per share. The MOU is subject to due diligence review and to approval of the
TSX Venture Exchange.
The two parcels lie between two portions of the Bakersfield property
previously acquired and contains 15 capped, completed and connected wells, as
well as steam and flow lines and a tank farm/oil processing facility. Historic
production records from the California Department of Oil, Gas & Geothermal
Resources for the two parcels are believed to total 390,000 barrels of oil,
suggesting that both properties remain in the primary production stage.
The TSX Venture Exchange has not reviewed News Release and neither
approves nor disapproves of the contents hereof, which remain the sole
responsibility of the Company.
For further information:
For further information: 2110-1177 W. Hastings St., Vancouver, B.C., V6E
2K3, Tel: (604) 688-5007, Fax: (604) 681-5259, Toll Free: 1-888-955-5656