VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 29, 2010) - Crescent Resources Corp. (TSX VENTURE:CRC) ("Crescent") reached an agreement with John Glasscock and Cowboy Exploration & Development, LLC (collectively "Cowboy") to return Crescent's interest in the Rattlesnake Hills Property, Wyoming to Cowboy and for Cowboy to accept shares for debt in respect of approximately $300,000 of liabilities accrued to May 31, 2010 for exploration services subcontracted to or otherwise funded by Cowboy.
The Company issued 3,000,000 common shares to Cowboy in full settlement of all outstanding debts to Cowboy. The shares are subject to a hold period expiring on November 29, 2010 in accordance with the policies of the TSX Venture Exchange and applicable Canadian securities laws.
This settlement will allow the Company to preserve its cash for general corporate purposes and to investigate other potential acquisitions.
CRESCENT RESOURCES CORP.
Michael Hopley, President and Chief Executive Officer
"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."