KIERLAND RESOURCES LTD ANNOUNCES ANNUAL & SPECIAL MEETING AND UPDATE
TSX Venture Exchange
Trading Symbol: KIR
CALGARY, Oct. 26 /CNW/ - Kierland Resources Ltd. ("Kierland" or the "Company") announces that the Annual & Special Meeting of the Shareholders of the Company (the "Meeting") will be held on Tuesday, November 16, 2010 at 3:00 p.m. (Calgary Time) at the Calgary Petroleum Club, located at 319 5th Avenue SW, Calgary, Alberta. The Record Date for the Meeting is Tuesday, October 12, 2010 and the Notice of the Meeting and accompanying Information Circular detailing the information with respect to the Meeting matters, was mailed to the Company's shareholders on October 21, 2010.
At the Meeting, shareholders will be asked, among other things, to approve the consolidation of the Common Shares of the Company on a one (1) for ten (10) basis (1:10) and to approve a name change of the Company. The Company is pleased to provide an update on information contained in a Business Acquisition Report (BAR), with respect to its acquisition of South West Saskatchewan oil and gas assets which was filed with regulators on October 19, 2010. The BAR includes an independent reserve report summary and proforma operating statements summary and has been filed on SEDAR and can be accessed at www.sedar.com.
Update
Kierland Resouces Ltd. has reached an agreement with Richfield Oils Inc. in which Richfield has agreed to cancel and surrender 8,000,000 common shares of Kierland, closing of the transaction is subject to certain conditions and regulatory approval. The Company announces that Paul Patton has resigned as a Director of the Company effective immediately. A new director(s) will be appointed in the place of Mr. Patton. Kierland continues to focus on its South West Saskatchewan asset base and core area. In addition the company intends to participate in the drilling of a horizontal well on its existing asset base in Willesden Green area targeting cardium light oil in the next few weeks.
About Kierland Resources Ltd.
Kierland Resources Ltd. is a publicly traded junior oil and gas company focused on exploration and development of oil and natural gas including Saskatchewan and Alberta. The Company remains focused on strategic acquisitions and aggressively expanding production, reserves and opportunistic transactions in this sector.
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 release.
Forward-Looking Statements and Information: The forward-looking statements contained in this document are based on certain key expectations and assumptions made by Kierland, including: (i) with respect to the anticipated closing dates of the transactions and financing, expectations and assumptions concerning timing of receipt of required shareholder, court and regulatory approvals and third party consents and the satisfaction of other conditions to the completion of the transactions and financing and (ii) with respect to the anticipated exploration and development opportunities, anticipated recovery factors, anticipated 2010 capital expenditures and the anticipated 2010 average and exit rates of production, expectations and assumptions concerning the success of future exploration and development activities, the performance of existing wells, the performance of new wells and prevailing commodity prices.
Although Kierland believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Kierland can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to obtain necessary regulatory approvals or satisfy the conditions to closing the transactions and financing, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Certain of these risks are set out in more detail in Kierland's Management Discussion and Analysis which has been filed on SEDAR and can be accessed at www.sedar.com.
The forward-looking statements contained in this document are made as of the date hereof and Kierland undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
MEANING OF BOE
When used in this press release, boe means a barrel of oil equivalent on the basis of 1 boe to 6 thousand cubic feet of natural gas. Boepd means a barrel of oil equivalent per day. Boe's may be misleading, particularly if used in isolation. A boe conversion ratio of 1 boe for 6 thousand cubic feet of natural gas is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
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 RELEASE.
%SEDAR: 00021452E
For further information: For further information:
Chad Dust
Telephone: (403) 608 6505
Facsimile: (403) 975 6505
Email: [email protected]
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