CALGARY, Feb. 11 /CNW/ - Stealth Ventures Ltd. ("Stealth" or the
"Company") is pleased to announce that it has closed the sale of its
Stellarton Basin Coalbed Methane assets, subject to formal Government of Nova
Scotia approval. The purchaser East Coast Energy Inc. (ECE) is a private oil
and gas company incorporated in Ontario, with an office in Stellarton Nova
Scotia, whose mandate and focus is east coast oil and gas exploration and
development. In consideration Stealth recovered its performance bond and took
a 1,000,000 share equity position in ECE.
In addition to the Stellarton divestiture the Company sold its working
interest in the Elcott, Weyburn and Ferrier oil and gas properties in
Saskatchewan and Alberta. The non-operated assets were sold to a private
consortium in exchange for a cash payment of $600,000 Canadian dollars. This
transaction is scheduled to close by the end of February.
Stealth Ventures Ltd. is a Calgary-based junior oil and gas company whose
expertise and focus is on "unconventional" gas reserves from shale gas, CBM
and tight gas sand reservoirs.
STEALTH VENTURES LTD.
Per: DEREK KRIVAK
Chief Executive Officer
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. THIS NEWS
RELEASE MAY CONTAIN FORWARD-LOOKING INFORMATION. ACTUAL FUTURE RESULTS
MAY DIFFER MATERIALLY FROM THOSE CONTEMPLATED.
For further information:
For further information: Derek Krivak, CEO, Mark J. Roth, CFO, Stealth
Ventures Ltd., Tel.: (403) 514-9998, Fax: (403) 514-9995, Emails:
email@example.com; Richard Cohen, Investor Relations, Clark
Avenue Company, Tel.: (905) 882-4422, Fax: (905) 882-4435, Email: