Boundary Bay Resources, Inc. Signs Another Agreement, A Letter Of Intent To
Purchase Another Producing Well
LAS VEGAS, March 17 /PRNewswire-FirstCall/ - Boundary Bay Resources, Inc.
(the "Company") is pleased to announce that, on March 14, 2008, a Letter of
Intent ("LOI") was signed between the Company and OilTec LP ("OTL"). Under the
terms of the LOI, the Company would acquire a 40% working interest of OTL's
leasehold interest in the already producing Chevron Fee # 3 well (the "Well")
located in Marion County, Oklahoma in exchange for $75,000.00 USD. The Well is
already producing to a depth of 6400 feet.
The rework program being conducted by OTL shall include equipping well
sites, electrifying the lease, installation and laying of water and production
lines on the lease, deepen wells to alternative zones for the enhancement of
the lease production or the disposal or injection of water.
Per the LOI, the Company would also acquire the right to purchase a 25%
working interest in any subsequent wells drilled at the Chevron Fee property
that are reworked and/or re-completed or re-entered for a pro rata share of
cost.
Mr. Borschowa believes that "(t)his letter of intent illustrates that we
are committed to our strategic plan to continue in the acquisition of working
interests in established oil and gas properties."
About Boundary Bay Resources, Inc. www.boundarybayresources.com.
Boundary Bay Resources is dedicated to building a competitive oil and gas
company that is cash flow positive. The Company intends to acquire working
interests in established oil and gas production companies (Public or Private).
Funds generated from this domestic production will be used to acquire premium
oil and gas properties with both proven reserves and upside exploration
potential. The company understands how exploration or "blue sky" opportunities
can significantly increase the value of any company (especially when a deposit
is found). Therefore, once/if some solid acquisitions are completed, our aim
is to begin looking for potential oil and gas properties.
On Behalf of the Board of Directors,
Lee Borschowa
President
Safe Harbor Statement under the Private Securities Litigation Reform Act
of 1995:
This news release contains forward-looking information within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended, including statements that
include the words "believes," "expects," "anticipate" or similar expressions.
Such forward-looking statements involve known and unknown risks, uncertainties
and other factors that may cause the actual results, performance or
achievements of the company to differ materially from those expressed or
implied by such forward-looking statements. In addition, description of
anyone's past success, either financial or strategic, is no guarantee of
future success. This news release speaks as of the date first set forth above
and the company assumes no responsibility to update the information included
herein for events occurring after the date hereof.
CONTACT: Investor Relations at: (702) 989-5022
SOURCE Boundary Bay Resources Inc.
Investor Relations at: (702) 989-5022
