CALGARY, Jan. 30, 2012 /CNW/ - (TSXV: BRX) Brixton Energy Corp. ("Brixton") is pleased to announce a new corporate strategy as follows: moving forward, Brixton will bring its primary focus to the greater Red Earth area. The company currently holds 1280 acres of land, (2 full sections) with mineral rights from surface to basement in the Panny river area, approximately 80 km north Red Earth Creek. Brixton will continue to seek out additional strategic properties in the greater Red Earth Creek creating a solid, proven property base, in which the Company will focus on the lower risk development of the Keg River as an initial starting point.
With Cenovus Energy's recent land purchase at Panny river / North Senex in the early stages of drilling and development, and larger land purchases in the past year visible from Ceno Energy Limited, and other juniors in the area, Brixton's management is excited to create our land base here. The area has seen very little pressure over the last ten years, and is an excellent, stable, cost efficient venture with typical long term production from the Keg River.
Continued development of the Panny River property is underway with plans to re-enter an existing well bore on the property and put the Keg River zone into production this winter. Adjoining infrastructure includes a 2.7 km of a 4" production line with tie in to processing facilities. Brixton has 3 existing well bores on the property that will be utilized to our full advantage during development. Geological data on the property has been reviewed by a third party and multiple drill targets have been identified on the properties. Management will update its shareholders in a timely fashion of any new developments on Brixton's existing properties and or any new endeavors.
Mr. Maurice Loverso states: "As the Company has 3 well bores that it can re-enter, the cost of re-entry of these well bores will be low compare to drilling new wells. The Company will be seeking several financing solutions, one of them being secure line of credit against Brixton's Keg River oil reserves. With the price of oil at around $100.00/barrel, this low risk area has been producing oil for decades and is very lucrative for Brixton".
On Behalf of Brixton Energy Corp.
Mr. Mathew Dodwell
Mr. Mathew Dodwell, Director/ VP Production
We seek Safe Harbor
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For further information:
Richard Saxon at 604-269-0006 or [email protected].