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CALGARY, March 3 /CNW/ - Avere Energy Inc. ("Avere" or the "Company") (TSX-V: AVO.H) is pleased to announce that, further to the Company's news release of February 23, 2010, the Company has signed the revised and restated letter agreement to acquire a working interest in an undeveloped Haynesville prospect in Mississippi. The letter agreement between Avere and American Exploration Corp., a Nevada corporation (AEXP-OTCBB, "American") states that the Company will earn a 20% working interest in the Joint Venture Lands (the "Joint Venture Lands") by paying 20% of the costs of the drilling and completion of an initial deep gas well (an estimated US$2 million) and by making additional payments aggregating US$2 million to American, including a non-refundable US$75,000 deposit, which was paid on January 27, 2010.
Avere continues to organize a financing to pay for (1) the farm-in and drilling obligations in connection with its farm-in on this Haynesville shale gas prospect as described above; and (2) for at minimum a subsequent development well on the property; and (3) for a seismic acquisition program. In addition to the above, the proceeds will provide the Company with sufficient working capital to complete its Reactivation and will be used for general corporate purposes.
Closing of the Offering is subject to the approval of the TSX Venture Exchange.
ABOUT AVERE ENERGY INC.
Avere Energy Inc. trades on the TSX Venture Exchange under the symbol AVO.H-V.
Avere is an emerging exploration and production company focused on unconventional natural gas resources such as shale gas, coalbed methane and tight sandstone reservoirs. Avere is aggressive in its exploration and evaluation of unconventional natural gas opportunities in North America, providing shareholders with exposure to the continent's future energy supply. This strategy will leverage new technologies with our innovative approach to prospect identification and characterization.
Forward Looking Statements: This Company's news release contains certain "forward looking" statements and information relating to the Company that are based on the beliefs of the Company's management as well as assumptions made by and information currently available to the Company's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations competitive factors, general economic conditions, customer relations, relationships with vendors and strategic partners, the interest rate, environment, governmental regulation and supervision, seasonality, technological change, changes in industry practices and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described herein.
NEITHER THE 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 NEWS RELEASE.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The Units have not and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and many not be offered or sold in the United States except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable states securities laws.
SOURCE AVERE ENERGY INC.
For further information: For further information: Quinton Rafuse, President and CEO, telephone: (403) 452-4910, fax: 1-888-236-6865, email: firstname.lastname@example.org, website: avereenergy.com