ROUYN-NORANDA, QC, Feb. 24 /CNW Telbec/ - X-Terra Resources Corporation ("X-Terra") and Brownstone Ventures Inc. (TSXV: "BWN") ("Brownstone") are pleased to announce that they have acquired over 150,000 hectares of additional land in the St-Laurent Lowlands between Rimouski and Riviere-du-Loup.
Sheldon Inwentash, president and CEO of Brownstone stated, "Area participants, like Questerre Energy Corp., continue to make progress confirming the potential for significant oil and gas in Quebec. X-Terra Resources and Brownstone Ventures' Québec Oil and Gas Licenses, with this new acquisition, cover a total of over 300,000 hectares in Quebec, with a completed survey over a significant portion of those lands."
The 5,543 km airborne magnetic survey on the Rimouski, Rimouski North and Shawinigan projects in the St-Laurent Lowlands was also recently completed and undergoing compilation. The survey is composed of 5,543 km of 300 metre-spacing flight lines and 3,000 metre-spacing control lines and was completed by Geophysics GPR International - KalusAir Services Inc (KASI). The magnetic survey maps will be used to outline the structural and lithological geology and aid in further exploration. Please refer to X-Terra and Brownstone's websites to view a surface plan showing the location of the survey.
About X-Terra Resources
X-Terra is a resource company focused on acquiring and exploring energy properties in Canada. X-Terra Resources has 11,783,069 shares outstanding, a cash position of $3.6M and an investment of 2,000,000 shares of Brownstone Ventures Inc. which represents as of today $0.40 per share.
Brownstone Ventures Inc. is a Canadian-based, energy focused investment company with equity interests and direct interests in oil and gas exploration projects, including working interests in almost 300,000 acres in the Piceance/Uinta Basins of Colorado and Utah; 295 km2 in the Assam/Arakan Basin, Northeast India; 253,000 acres in Rio Negro, Argentina; interests in several projects in Brazil; a 50% interest in approximately 160,000 hectares in the Qubec Lowlands; a 15% participating interest in two off-shore Israel oil and gas blocks; and is earning interests (14-35%) in 3 Colombian blocks in the Llanos basin. For additional information, please see Brownstone's website: www.brownstoneventures.com.
The TSX Venture Exchange does not take responsibility for the
adequacy or accuracy of this release.
Certain statements contained in this press release constitute forward-looking statements. These statements relate to future events or the future performance of X-Terra and Brownstone . Statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "budget", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking statements in this press release include, but are not limited to, statements with respect to: the performance characteristics of the X-Terra and Brownstone's oil and natural gas properties; drilling plans and the timing and location thereof; plans for the exploration and development of the company's properties; production capacity and levels, and the timing of achieving such capacity and levels; the size of oil and natural gas reserves; projections of market prices and costs; supply and demand for oil and natural gas; expectations regarding the ability to raise capital and to continually add to reserves through acquisitions and development; and capital expenditure programs.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Company believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and readers are cautioned not to place undue reliance on forward-looking statements contained in this press release. Some of the risks and other factors which could cause results to differ materially from those expressed in the forward-looking statements contained in this press release include, but are not limited to: volatility of and assumptions regarding oil and natural gas prices; liabilities inherent in oil and natural gas operations; uncertainties associated with estimating oil and natural gas reserves; competition for, among other things, capital, acquisitions of reserves, undeveloped lands and skilled personnel; geological, technical, drilling and processing problems; fluctuations in currency and interest rates; product supply and demand; and risks inherent in the company's foreign operations; changes in environmental and other regulations or the interpretation of such regulations; and the other factors discussed in this press release and in Brownstone's filings with Canadian securities regulatory authorities which are available to the public at www.sedar.com.
Statements relating to "reserves" are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described can be profitably produced in the future. Readers are cautioned that the foregoing lists of factors are not exhaustive. The forward- looking statements contained in this press release are made as at the date hereof and Brownstone undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE X-Terra Resources Corporation
For further information: For further information: Martin Dallaire, President and Chief Executive Officer, (819) 762-0609, Fax: (819) 762-0097, email@example.com; www.xterraresources.com; Richard Patricio, Vice-President Corporate and Legal Affairs, Brownstone Ventures Inc., (416) 941-8900, firstname.lastname@example.org; www.brownstoneventures.com