Ria Resources closes Bonnie Glen interest sale
2012-02-22 07:17 PT - News Release
Mr. Glenn Hamilton reports
RIA RESOURCES CORP. ANNOUNCES SALE OF 5% WORKING INTEREST AND FARMOUT AGREEMENT IN BONNIE GLEN UNIT
Ria Resources Corp. has completed the sale of an undivided 5-per-cent working interest in Ria's Bonnie Glen Cardium A unit No. 1, and the related joint lands and joint wells to an arm's-length third party purchaser for an aggregate of $250,000. Ria has granted the purchaser an option to purchase in aggregate, up to an additional undivided 20-per-cent working interest in the Bonnie Glen assets. The exercise of the option is subject to applicable regulatory approval and is exercisable by the purchaser in 5-per-cent increments at $250,000 per 5-per-cent increment until April 1, 2012 (which may be extended to June 1, 2012). In addition, Ria has entered into a farm-out agreement with the purchaser, under which the purchaser may earn an additional undivided 5-per-cent working interest in the Bonnie Glen assets by providing certain workover and service work for an aggregate value of services of $250,000 on the Bonnie Glen assets.