MONTREAL, April 10 /CNW Telbec/ - Rolland Energy Inc. (TSX-V:ROE) has
signed a purchase agreement, under which it will acquire the Scalion
Properties, subject to the completion of satisfactory due dilligence by the
Corporation. The Scalion Properties are located near its existing base of
operations in south-western Manitoba. Owned by Mr. Bob Lane, the Scalion
Properties include 800 acres of land rights, a battery operation, a disposal
well and four wells of which two are in production. The two producing wells
yield 20 barrels per day of light crude oil. The cash return on investment is
estimated by the Corporation to be approximately 20 months. According to the
agreement, Rolland Energy will pay $500,000 in cash at closing for the
The Scalion Properties include the north-east quarter of section 18-11-26
WPM, the east half section of 17-11-26 WPM and the west half of section
16-11-26 WPM, for a total of 800 acres. These properties would represent an
increase of approximately 50% in the land holdings of the Corporation.
"This acquisition will significantly increase and diversify our drilling
opportunities, reduce our exploration risks and ensure that we have room to
expand over the longer-term, said Martial Rolland, president and Chief
Execuitive Officer of Rolland Energy. "Also, in their present state, the
properties have excellent risk-return propsects and we expect the acquisition
to pay for itself within one year and a half," added Martial Rolland.
The Corporation has already completed a detailed geological analysis of
the properties, and has determined there to be at least three promising
locations in the area for an initial drilling program. The study was performed
by a geologist, Ray Schwartzenberger. Cumulative production in the immediate
area of interest varies from 38,000 to 159,000 barrels of oil per well.
The acquisition is set to close on or before June 6, 2007. The
Corporation intends to pay for the acquisition from funds raised either
through the sale of its subsidiary technology division or through funds raised
in a private placement.
The acquisition is subject to approval of the TSX Venture Exchange and
any other applicable regulatory approvals.
ABOUT ROLLAND ENERGY INC. - www.rollandenergy.com
Previously known as RVBS, Rolland Energy is an oil and gas Corporation
with subsidiary operations in information technology. Its oil and gas
operations are based in south-western Manitoba. The Corporation intends to
sell its information technology division.
"The TSX Venture Exchange has not reviewed this release and therefore
does not accept responsibility for its adequacy or accuracy."
For further information:
For further information: Martial Rolland, (514) 333-9292