TSX Venture Exchange Symbol FNR
SASKATOON, May 22, 2012 /CNW/ - 49 North Resources Inc. ("49 North" or the "Company") (TSXV: FNR), announces that Allstar Energy Limited ("Allstar"), a 100% owned subsidiary of 49 North, has acquired additional heavy oil lands in West Central Saskatchewan.
Ashley Drobot, President of Allstar, reports that Allstar has acquired an additional 16,000 acres of highly prospective heavy oil lands through purchases from third party producers. Included in the acquired land positions are 8,961 acres which were part of an asset sale transaction in which Allstar acquired facilities along with shut-in Viking gas production in the heart of the Bayhurst Viking gas area.
After the acquisitions, the Riverside lands located in the vicinity of Leader, Saskatchewan now total 31,360 acres, inclusive of the 15,360 acres acquired in Crown sale in October 2011.
In aggregate, Allstar now owns or has exclusive exploration and development permits covering approximately 58,000 acres of highly prospective Viking oil, Viking gas and heavy oil lands all located in West Central Saskatchewan.
49 North is a Saskatchewan focused resource investment company with strategic operations in financial, managerial and geological advisory services and merchant banking. Our diversified portfolio of assets includes direct project involvement in the resource sector, as well as investments in shares and other securities of junior and intermediate mineral and oil and gas exploration companies. Additional information about 49 North is available at www.sedar.com.
Forward Looking Information: This release contains forward-looking information within the meaning of applicable Canadian securities legislation. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those expressed or implied by such forward-looking information, including the availability of adequate and secure sources of funding to complete, equip and bring any new wells on-stream, prevailing commodity prices and the performance of 49 North personnel. In addition, the forward-looking information contained in this release is based upon what management believes to be reasonable assumptions. Readers are cautioned not to place undue reliance on forward-looking information as it is inherently uncertain and no assurance can be given that the expectations reflected in such information will prove to be correct. The forward-looking information in this release is made as of the date hereof and, except as required under applicable securities legislation, 49 North assumes no obligation to update or revise such information to reflect new events or circumstances.
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.
For further information:
49 North Resources Inc.
President and Chief Executive Officer
306-653-2692 or firstname.lastname@example.org.