CaiTerra International Energy Sells Percentage of Undeveloped Mineral Rights in the Faust Area of Alberta
December 10 2013 - 1:12PM
Marketwired
CaiTerra International Energy Sells Percentage of Undeveloped
Mineral Rights in the Faust Area of Alberta
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 10, 2013) -
CaiTerra International Energy Corporation ("CaiTerra" or the
"Company") (TSX-VENTURE:CTI) is pleased to announce that it has
completed the sale of an additional 25% interest in certain
undeveloped mineral rights in the Faust area of Alberta (the "Faust
Property") to an arm's length Alberta private company (the
"Purchaser").
The Faust Property was acquired by CaiTerra on December 14, 2012
and is located just north of the prolific Swan Hills oil field and
west of Black Pearl Resources Inc.'s Mooney Pool producing oil
property and south of the Town of Slave Lake. The lands forming the
Faust Property are Crown leases with varying expiry dates. The
Faust Property comprises approximately 12,400 net acres
(approximately 20 sections) of lands of interest that are not
subject to expiry for the next 3 years and a further 560 net acres
(0.88 of a section) of lands of interest that have been continued
through to the end of March 2014.
The disposition was completed in accordance with the terms of a
definitive purchase and sale agreement entered into with the
Purchaser. At closing, in consideration for a cash payment of CDN
$1,000,000 (subject to adjustments), the Purchaser purchased an
additional 25% interest in and to the Faust Property with the
result that CaiTerra and the Purchaser now each own a 50% interest
in the Faust Property. Further details regarding the terms of the
transaction are set out in the definitive purchase and sale
agreement which will be filed on CaiTerra's profile on SEDAR at
www.sedar.com.
Cautionary
Statements
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.
CaiTerra International Energy CorporationCraig RobsonChief
Executive Officer and Director(778) 329-9629
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