SOURCE: Northumberland Resources, Inc.
LAS VEGAS, NV--(Marketwire - Oct 31, 2012) - Northumberland Resources, Inc. (OTCBB: NHUR) is pleased to announce it has received and accepted an offer to purchase 100% of its 30% working interest in its Lester lease, 15% interest in its Miller lease and 20% interest in its Moon leases for $384,686 as part of the Company's 2013 expansion plans.
The funds will be used to expand the current oil production on its 5 lease Sawyer oil and gas field, develop current leases and acquire additional proven producing properties. The Company will also be participating in new production drilling on its current interests on the Carver, Asmussen and Holt leases.
Oil Lease Acquisitions and Expansion
As previously announced in its April 11th, 2012 News Release, Northumberland acquired a 30% interest of a 100% working interest in a 1,000 acre parcel of 10 wells situated on six historically proven oil producing leases. Of the ten wells, the Holt well is a Salt Water Disposal well and the other nine were previously producing wells. The Company plans to bring three of the 10 wells online in 2012/2013 which will add to our daily production number. A new drill program on the Carver lease is scheduled for early 2013 and the Asmussen work is targeted for completion by February, 2013.
About Northumberland Resources
Northumberland Resources is a highly focused, risk-averse oil and gas exploration company with a strategy of building a substantial portfolio of oil and gas assets in the onshore U.S. Northumberland Resources is a reporting company quoted on the OTCBB under the symbol NHUR. Additional data on the Company is available through its website northumberlandresources.com.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. 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 other things, the development, costs and results of our exploration program at our properties and any anticipated future production. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with petroleum exploration and development stage exploration companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.