(TSX-V: WL) (OTC-BB: WYDPF) (FRANKFURT: YXE)
VANCOUVER, Feb. 6 /CNW/ - Wyn Developments Inc ("Wyn" or the "Company")
announces that Wyn Developments Inc., Flying A Petroleum Ltd. and Bighorn
Petroleum Ltd. have funded their respective shares of the balance of the
purchase price for a 12.5% non convertible gross overriding royalty on the
Prophet River "A" lands and remaining 35% gross working interest in the
Prophet River "B" lands. On January 24, 2008 the Company announced its
intention to proceed with this purchase and the transaction has closed. As a
result the Company now owns a 33 1/3% gross working interest in the Prophet
River "A" and Prophet River "B" lands subject to a 2.5% overriding and
government royalties. This purchase has also eliminated an original farm-in
requirement to spud a Prophet River B lands well by March 31st, 2008.
Also in the Prophet River area, Petro Canada has exercised a right of
first refusal on two sections adjoining the Company's lands to the southeast
of the Company's d-60-E Mississippian discovery well. Accordingly the Prophet
River land holding interests have been reduced to approximately nineteen
square miles from twenty-one. Petro Canada Ltd. has increased their activity
in the region in the past year, in, around, and between the Prophet River and
THE a-38-A/94-G-15 TRIASSIC HALFWAY DEVELOPMENT WELL
The Company has contributed its share of the costs to complete the
production tie-in of the recently drilled a-38-A Triassic Halfway development
well. The well will be tied in to the Trutch jointly owned production
infrastructure and is expected to commence production in mid to late February
2008. The Company has a 9% gross working interest in this well and a
15% interest in the project's pipeline infrastructure.
CANADA GAS CORP.
Further to the Company's release dated September 18, 2007, Wyn, Flying A
Petroleum Ltd., Bighorn Petroleum Ltd., and Tenaka Drilling Consortium Ltd.
affirm their continuing commitment to their aforementioned amalgamation, where
the respective shareholders meetings to approve the transaction and other
matters are anticipated to be called in the near term.
The Company is re-pricing the private placement offering announced
January 24, 2008. The Company will now issue up to 22 million units at the
price of $.05 per unit for gross proceeds of up to CAD $1.1 million. Each unit
will consist of one share and one share purchase warrant exercisable at $0.10
for a period of two years from the closing date. A member of company
management and a significant shareholder have agreed to increase their
participation in this private placement. Finders fees may be payable on this
Thom Bainbridge, P.Geol is the company's qualified person in accordance
with regulatory standards. He has reviewed and verified the technical contents
of this release.
The financing and amalgamation are subject to TSX Venture Exchange
For more information on Wyn Developments please visit
On Behalf of the Board,
WYN DEVELOPMENTS INC.
President & CEO
FORWARD LOOKING STATEMENTS
This communication to shareholders and the public contains certain
forward-looking statements. Actual results may differ materially from those
indicated by such statements. All statements, other than statements of
historical fact, included herein, including, without limitations statements
regarding future production, are forward looking statements that involve
various risks and uncertainties. There can be no assurance that such
statements will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements. The TSX
Venture Exchange has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
For further information:
For further information: Chad McMillan, (604) 685-5851 or Toll Free:
(888) 685-5851, Fax: (604) 685-7349, Email: email@example.com