Force Energy Corp. Negotiates Final Terms for 50% Working Interest in the Diamond Springs Prospect
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DENVER, COLORADO, Jun 29 (MARKET WIRE) --
Force Energy Corp. (OTCBB: FORC) (hereafter "Force" or "the Company"), is
pleased to announce that the Company has negotiated an agreement in
principle with G2 Petroleum LLC for the acquisition of a full 50% working
interest in the diamond springs prospect.
Pursuant to the terms of the agreement in principle, G2 has agreed to
assign to the Company a 50% interest in the Diamond Springs Prospect
located in the Wind River Basin in Fremont County, Wyoming, in
consideration of which, among other things, Force will release G2 from
all further obligations relating to the US$175,000 loan provided to G2 in
December, 2008 and the US$50,000 deposit advanced by Force pursuant to
the terms of the March, 2008 letter agreement between the parties.
The parties intend to enter into a definitive agreement in accordance
with the terms of the agreement in principle which will replace and
supercede all prior agreements between the parties relating to the
Diamond Springs Prospect, including the letter agreement between the
parties entered into in March, 2008.
About the Diamond Springs Prospect
The Diamond Springs Prospect is a 3,300-acre shallow oil prospect located
within the Wind River Basin in Fremont County, Wyoming. Independent 3rd
party geologic work has concluded that the three independent but
geologically similar prospective locations that comprise the property has
the potential for 4.3 million barrels of oil all from depths of less than
1,100 feet. With its low cost risk/reward profile, management believes
that the Diamond Springs Prospect is an exciting project.
Shareholders and Investors alike are encouraged to contact the Company
directly toll-free at 1-866-953-FORC (3672) for more information.
About Force Energy Corp.
Force Energy Corp. is an Oil & Gas Exploration and Development Company
based in Denver, CO with a focus on Wyoming. Using a geology-based
methodology, the US Geological Survey estimate a mean of 2.4 trillion
cubic feet of undiscovered natural gas and a mean of 41 million barrels
of undiscovered oil in the Wind River Basin Province of Wyoming. They
further estimate a mean of 84.6 trillion cubic feet of undiscovered
natural gas and a mean of 131 million barrels of undiscovered oil in the
Southwestern Wyoming Province. Force Energy Corp. has entered into LOI's
to drill and develop two prospects located within each of these prolific
areas. The Company's shares are publicly traded on the OTCBB under the
ticker symbol FORC.
On behalf of the Board of Directors
FORCE ENERGY CORP.
Legal Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements". Statements in
this press release, which are not purely historical, are forward-looking
statements and include any statements regarding beliefs, plans,
expectations or intentions regarding the future. Such forward-looking
statements include, among others, the expectation and/or claim, as
applicable, that: (i) three independent but geologically similar
prospective locations to the Diamond Springs Prospect have the potential
for 4.3 million barrels of oil all from depths of less than 1,100 feet;
(ii) the parties will negotiate and enter into a binding agreement
regarding the Diamond Springs Prospect; (iii) the US Geological Survey
estimate a mean of 2.4 trillion cubic feet of undiscovered natural gas
and a mean of 41 million barrels of undiscovered oil in the Wind River
Basin Province of Wyoming; and (iv) the US Geological Survey estimate a
mean of 84.6 trillion cubic feet of undiscovered natural gas and a mean
of 131 million barrels of undiscovered oil in the Southwestern Wyoming
Province.
Actual results may differ materially from those currently anticipated due
to a number of factors beyond the reasonable control of the Company. It
is important to note that actual outcomes and the Company's actual
results could differ materially from those in such forward-looking
statements. Factors that could cause actual results to differ materially
include misinterpretation of data, inaccurate estimates of oil and
natural gas reserves, Actual results could differ from those projected in
any forward-looking statements due to numerous factors. Such factors
include, among others: (1) the failure to negotiate and enter into a
binding agreement respecting the transfer of a 50% interest in the
Diamond Springs Prospect; (2) the inability to obtain the necessary
approvals for the further exploration and development of all or any of
the Company's prospects; (3) the continued significant demand for oil and
gas; (4) risks inherent in the oil and gas industry; (5) the number of
competitors in the oil and gas industry with greater technical, financial
and operations resources and personnel; (6) fluctuations in world prices
and markets for oil and gas due to domestic, international, political,
social, economic and environmental factors beyond the Company's control;
(7) the uncertainty of the requirements demanded by environmental
agencies, the Company's ability to raise financing for operations, breach
by parties with whom we have contracted, inability to maintain qualified
employees or consultants because of compensation or other issues,
competition for equipment, inability to obtain drilling permits,
potential delays or obstacles in drilling operations and interpreting
data, the likelihood that no; (8) the Company's ability to raise debt or
equity financing for operations; (9) the Company's ability to hire and
retain qualified employees and consultants; and (10) the fact that there
is no certainty that any commercial quantities of oil or gas are found or
recoverable, and our ability to participate in the exploration of, and
successful completion of development programs on all aforementioned
prospects and leases.
In general, estimates of 3P (proven, possible & probable) reserves are
based upon a number of factors and assumptions made as of the date on
which the estimates were determined, such as geological, technological
and engineering estimates and are subject to a variety of risks and
uncertainties and other factors that could cause actual events or results
to differ materially from those anticipated in the forward-looking
estimates. The Company undertakes no obligation to update forward-looking
information if circumstances or management's estimates or opinions should
change, except as required by law. Readers should also refer to the
Company's current annual report or other filings, which are available at
www.sec.gov for additional discussion of risks and uncertainties. The
reader is cautioned not to place undue reliance on forward-looking
statements.
Cautionary Note to U.S. Investors - The United States Securities and
Exchange Commission permits oil and gas companies, in their filings with
the SEC, to disclose only proved reserves that a company has demonstrated
by actual production or conclusive formation tests to be economically and
legally producible under existing economic and operating conditions. The
Company uses certain terms in this press release that the SEC's
guidelines strictly prohibit the Company from including in filings with
the SEC. U.S. Investors are urged to consider closely the disclosure in
the Company's periodic and other filings filed with the SEC at
www.sec.gov.
Contacts:
Force Energy Corp.
Investor Relations
Shafiza Cassamali
1-866-953-FORC (3672)
shafiza@forceenergycorp.com
www.forceenergycorp.com
Copyright 2009, Market Wire, All rights reserved.
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