/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
CALGARY, July 9 /CNW/ - Vesta Capital Corp. (VES: TSX-V) ("Vesta" or the "Corporation"), is pleased to announce that it has purchased a 47.5% working interest in a portion of the suspended Alberta Mannville G oil field ("Atlee Buffalo") from 868218 Alberta Ltd. for $54,648.50. This first land acquisition is part of Vesta Capital Corp.'s overall mandate to re-enter low risk oil prospects with suspended vertical wells.
The Atlee Buffalo CNRL Mannville G oil pool was discovered in 1980 and is currently suspended. Vesta purchased its interest in this pool because of its large aerial extent, thick pay zones, very good reservoir properties and low oil recovery. The suspended wells associated with the property will allow Vesta the opportunity to re-enter, re-complete and recover additional oil reserves, inexpensively. Successful recompletion of the first well will lead to the potential work-over of 9 suspended and abandoned wells on this property.
868218 Alberta Ltd. is a company partly owned by Mr. Rudakas who is VP Exploration and Development for Vesta. The property also has a 1% GOR payable to Mr. Halleran, CEO of Vesta from a previous agreement tied to the prospect.
Vesta Capital Corp. is a Canadian based corporation with management very experienced in the oil and gas industry and has projects in California. Vesta Capital Corp. is publicly traded on TSX Venture Exchange (TSX-V: VES). Additional information of the Corporation's public filings may be found at http://www.sedar.com.
Certain statements contained in this press release constitute "forward-looking statements" as such term is used in applicable Canadian and US securities laws. These statements relate to analyses and other information that are based upon forecasts of future results, estimates of amounts not yet determinable and assumptions of management.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or are not statements of historical fact and should be viewed as "forward-looking statements". Such forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, costs and timing of exploration and production development, availability of capital to fund exploration and production development; political, social and other risks inherent in carrying on business in a foreign jurisdiction, the effects of a recessionary economy and such other business risks as discussed herein and other publicly filed disclosure documents. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release.
Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Corporation undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.
This news release contains forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. When used herein, words such as "intended" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on assumptions by and information available to the Corporation. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Actual results may differ materially from those currently anticipated. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
The TSX.V Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
SOURCE VESTA CAPITAL CORP.
For further information: For further information: Dr. Arthur Halleran, CEO, (403) 667-4941, firstname.lastname@example.org; Scott Koyich, President, Brisco Capital Partners, (403) 262-9888, email@example.com; or Graeme Dick, BMgmt, Brisco Capital Partners, (403) 561-8989, firstname.lastname@example.org