CALGARY, Feb. 22, 2012 /CNW/ - Ria Resources Corp. ("RIA" or the "Corporation") announces that it has completed the sale of an undivided five percent (5.0%) working interest in RIA's Bonnie Glen Cardium "A" Unit No. 1 and the related joint lands and joint wells (the "Bonnie Glen Assets") to an arms-length third party purchaser (the "Purchaser") for an aggregate of $250,000. RIA has granted the Purchaser an option (the "Option") to purchase in aggregate, up to an additional undivided twenty percent (20%) working interest in the Bonnie Glen Assets. The exercise of the Option is subject to applicable regulatory approval and is exercisable by the Purchaser in five percent (5%) increments at $250,000 per 5% increment until April 1, 2012 (which may be extended to June 1, 2012). In addition, RIA has entered into a farm out agreement with the Purchaser under which the Purchaser may earn an additional undivided 5% working interest in the Bonnie Glen Assets by providing certain work over and service work for an aggregate value of services of $250,000 on the Bonnie Glen Assets.
RIA is a company listed and trading on the TSX Venture Exchange, symbol: RIA.
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.
For further information:
Chief Financial Officer
RIA Resources Corp.
Telephone No. (403) 510-0844