VANCOUVER, March 15 /CNW/ - Tearlach Resources Ltd. (TSX.V: TEA)
announces acquisition of two oil leases totalling 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, California, for the
acquisition of a sixty percent (60.0%) 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% ownership interest.
Consideration for the acquisition will comprise one million four hundred
thousand (1,400,000) fully paid and non assessable common shares of the
Company at a nominal value of Eighty cents Canadian funds ($CAD 0.80) per
share. The MOU is subject to approval of the TSX Venture Exchange.
The two parcels lie between two portions of the Bakersfield property
previously acquired and contain 15 capped, completed and connected wells as
well as steam and flow lines and a Tank Farm - Oil processing facility.
Historical reserves of 2.1 million and 2.3 million barrels of oil in place and
historic production from the two properties is believed to total 390,000
barrels of oil suggesting that both properties are in its primary production
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