CALGARY, Dec. 6, 2012 /CNW/ - (TSXV: BRX) Brixton Energy Corp.
("Brixton") is pleased to announce that management has completed its
2013 business plan and, has approached the services of multiple
financial groups capable of delivering a line of credit up to $15
million. The company's 2013 business plan includes the purchase of a
turnkey production package in the Greater Red Earth area which consists
of 150+ boe / day production and, includes multiple production assets
over a large land base. Brixton's offering of $ 4.5 million was
accepted by the private energy company and, a purchase sales agreement
is currently underway. (Additional details will be released at a later
date) The purchase will include strategic process and delivery
infrastructure contingent to the company's recently negotiated farm in
properties (22.4 sections) in the Greater Red Earth area and will work
to significantly reduce development costs in this area moving forward.
The 2013 development plan includes 4 drills picked from 3D seismic and
data from offset wells. Brixton and its business partners have 2 Keg
river drill targets picked in the Red Earth area. Estimated costs to
drill and put into production is $1.8 million per well. Based off of
information from offset wells, initial production rates of new drills
are expected between 125 - 300 bbl /day. The company also plans to
drill 2 Leduc targets on its Sturgeon lake property. These Leduc drills
are estimated to cost $2.6 million per well and, data taken from offset
production wells indicates initial rates up to 1500 bbl / day and,
cumulative production up to 2.4 million barrels. Brixton expects to
have a respective, minimum production of 500 Bbl / day by the end of
Brixton also wishes to announce a $ 125,000 private placement which will
consist of 2.5 million units at $ .05 with 2.5 million warrants to
purchase an additional 2.5 million units at $ .15 for a period of 1
On behalf of Brixton Energy Corp.
Mr. Matthew Dodwell, Vice President of Corporate Development
We seek Safe Harbor
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS
THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS
SOURCE: Brixton Energy Corp.
For further information:
pertaining to the 2013 business plan or investment opportunities please contact:
Richard Saxon at 604-269-0006 or firstname.lastname@example.org.
Matthew Dodwell at 780-649-0014 or email@example.com