VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 9, 2013) -
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES
Rift Basin Resources Corp. (TSX VENTURE:RIF) (the "Company" or "Rift Basin") is pleased to announce, further to its news release of January 2, 2013 (the "January News Release"), that the Company has cleared the required preliminary documents with the TSX Venture Exchange (the "TSX-V") in connection with the definitive farmin agreement for the Chorbane exploration permit (the "Acquisition"); accordingly, the TSX-V has confirmed that the Company's stock halt will be lifted. The Company expects trading to resume at market open on Thursday (January 10, 2013).
The Acquisition is the Company's first acquisition of an oil and gas asset. The transaction is defined as a "Fundamental Acquisition" (TSX-V Policy 5.3) and remains subject to a number of conditions, including but not limited to final TSX-V approval.
ETAP, the Tunisian state-owned entity responsible for the petroleum sector and the state's partnerships with foreign exploration and production operators, has approved the Acquisition as detailed in our January News Release.
The Chorbane exploration permit is located onshore central Tunisia near the port city of Sfax, and is surrounded by several producing oil and gas fields and extensive infrastructure. London-based Gulfsands Petroleum plc (AIM:GPX) ("Gulfsands"), the Company's strategic partner (as announced in the Company's news release of November 16, 2012), is increasing its own participating interest in the permit, subject to various regulatory approvals, to ultimately hold a 70% participating interest and be the Operator.
Commenting on this announcement, Wayne Koshman, Rift Basin's CEO, said "We are pleased to be acquiring an interest in this Tunisian permit with our strategic partner as the proposed operator. Our alliance with Gulfsands will facilitate the pursuit and acquisition of additional oil and gas projects in Tunisia and elsewhere in the Middle East and North Africa. We are planning for a significant increase in corporate activity during 2013."
For further details on the Acquisition please see the Company's news release dated December 21, 2012 (the "December News Release", a copy of which is available, along with the Resource Report on the Acquisition, under the Company's SEDAR profile at www.sedar.com). There can be no assurance that the Acquisition will be completed as proposed or at all.
In the December News Release the Company also announced a private placement (the "Offering") for gross proceeds of up to $1,100,000. The Company is proceeding with the Offering and expects to close the same following resumption of trading and receipt of final documentation.
About Rift Basin
The Company is listed on the TSX Venture Exchange under the symbol "RIF". The Company is currently listed as a Tier 2 mining issuer and is seeking to become an oil and gas issuer. Additional information about Rift Basin is available under Rift Basin's SEDAR profile at www.sedar.com.
ON BEHALF OF RIFT BASIN RESOURCES CORP.
Wayne Koshman, Chief Executive Officer
Some of the statements contained in this press release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.