VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 27, 2012) - Enterprise Energy Resources Ltd. (the "Company") (TSX VENTURE:EER) is pleased to announce that its wholly owned US subsidiary, Evolution Oil Group, LLC ("Evolution") has entered into a Lease Acquisition Agreement ("LAA") with an arm's length third party (the "Purchaser") for the sale of a portion of Evolution's oil and gas leases in the Williston Basin, Montana.
Evolution currently holds a 100% working interest (80% net revenue interest) in approximately 30,083 net mineral acres of oil and gas leases in Daniels and Sheridan Counties located in North East Montana. Under the LAA, Evolution will sell a 100% working interest (80% net revenue interest) in approximately 15,975 net mineral acres or 53% of Evolution's current holdings to the Purchaser, for approximately US$19,043,000 (subject to adjustments). Evolution will retain its 100% working interest (80% net revenue interest) in the remaining 14,108 net mineral acres. In accordance with the LAA, the Purchaser will pay a deposit of 5% of the purchase price which is refundable only in certain circumstances. The deposit will be applied at closing to the purchase price.
Under a previous agreement with EVO Energy Ltd, ("EVO"), where the Company first acquired the oil and gas leases in Montana in July 2011, the Company will be required to pay a cash bonus of CAD$5,000,000 to EVO on closing of this transaction.
Closing of the transaction is anticipated to occur on or about July 25th, 2012 and is subject to certain conditions, including, but not limited to, approval by the shareholders of the Company and by the TSX Venture Exchange.
ENTERPRISE ENERGY RESOURCES LTD.
Geoff Carrington, President & CEO
This press release does not constitute an offer to purchase securities. The securities to be offered in the offering have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to, or for the benefit or account of, a U.S. person, except pursuant to an available exemption from such registration requirements.
Cautionary Note Regarding Forward-Looking Statements
Except for the statements of historical fact contained herein, the information presented constitutes "forward-looking statements". Such forward-looking statements, including but not limited to those with respect to the closing of the transaction, as well as uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
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Neither 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.