Marauder Resources East Coast Inc.: News Release
December 21 2012 - 8:30AM
Marketwired Canada
The Company (TSX VENTURE:MES) is pleased to announce it has engaged M Partners
of Toronto to lead a $1.5 million private placement of common share units, the
proceeds of which will be used for initial development of the Company's assets
in the East Coast Basin, New Zealand, and for general working capital purposes.
The unit price is $0.065, consisting of one common share of the Company and
one-half of one common share purchase warrant. Each whole warrant is exercisable
into one common share of the Company at a price of $0.13 per common share for a
period of 24 months from the Closing Date.
The Company's New Zealand acreage (PEP 53806, awarded Nov 1, 2012) is located in
the East Coast Basin, and covers 965 km2. The primary prospects are the Whangai
and Waipawa formations, widespread, highly fractured shales that have similar
characteristics to the Bakken formation in North Dakota. Numerous surface oil
seeps in the basin have been typed to both the Whangai and Waipawa formations,
and samples gathered were light oil, upwards of 50 API gravity. The Whangai
ranges in thickness from 300-600 m, about 10 times the thickness of the Bakken
formation.
Permit 53806 is located between two permits held by Tag Oil that Apache
Corporation recently farmed into and committed to a 4 well drilling exploration
program, estimated to commence Q1 2013. Tag/Apache's acreage covers
approximately 3700 km2. TAG Oil's Corporate Presentation of October 2012, states
the TAG/Apache Joint Venture internal estimates for OOIP on their acreage ranges
from 250-500 bn bbls.
Marauder is a 50% owner of PEP 53806.
This press release may contain forward-looking statements within the meaning of
applicable securities laws. Forward-looking statements may include estimates,
plans, anticipations, expectations, opinions, forecasts, projections, guidance
or other similar statements that are not statements of fact. Although the
Company believes that the expectations reflected in such forward-looking
statements are reasonable, it can give no assurance that such expectations will
prove to be correct. These statements are subject to certain risks and
uncertainties and may be based on assumptions that could cause actual results to
differ materially from those anticipated or implied in the forward-looking
statements. These risks include, but are not limited to: the risks associated
with the oil and gas industry (e.g. operational risks in development,
exploration and production; delays or changes in plans with respect to
exploration or development projects or capital expenditures; the uncertainty of
reserve estimates; the uncertainty of estimates and projections relating to
production, costs and expenses and health, safety and environmental risks),
commodity price and exchange rate fluctuation and uncertainties resulting from
potential delays or changes in plans with respect to exploration or development
projects or capital expenditures. The Company's forward-looking statements are
expressly qualified in their entirety by this cautionary statement. The
forward-looking statements contained in this press release are made as of the
date hereof and the Company undertakes no obligations to update publicly or
revise any forward-looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by applicable
securities laws.
FOR FURTHER INFORMATION PLEASE CONTACT:
Marauder Resources East Coast Inc.
Robert V. Shields
720, 440 - 2nd Avenue, S.W.
Calgary, Alberta T2P 5E9
(403) 262.3907
rvs@marauder.ca