Point Loma Resources Ltd. (TSX VENTURE: PLX) (the "Corporation" or "Point Loma") is pleased to announce the closing of the previously announced disposition ("Disposition") and joint venture ("JV") with Transerv Energy Ltd. (ASX: TSV) via its Canadian subsidiary Salt Bush Energy Ltd. ("Salt Bush"). Highlights of the transaction are summarized below:
Point Loma Salt Bush Joint Venture
In establishing this JV, Point Loma has attracted a strategic partner that will allow Point Loma to accelerate currently identified opportunities and additional capital options to pursue opportunities in the core focus area of west central Alberta. Point Loma has been able to acquire certain assets for accretive terms in the region and this transaction will inject capital to activate additional acquired production previously suspended and to expand the Corporation's drilling program.
"Point Loma is looking forward to the strategic JV with Salt Bush as it will accelerate the ability to unlock the value of our west central Alberta properties," said Terry Meek, President and CEO of Point Loma. "The agreement will allow us not only to begin this much anticipated growth phase with the initiation of drilling activity but allows us to explore other opportunities through this additional access to capital in a challenging market."
Current production of approximately 900 boe/d is anticipated to ultimately increase with the deployment of the proceeds through certain identified acquisitions, development drilling and new pool drilling opportunities.
About Point Loma
Point Loma is a public oil and gas development and exploration company focused on horizontally exploiting conventional oil and gas reservoirs in west central Alberta. Point Loma's business plan is to utilize its experience to drill, develop and acquire accretive assets with potential for horizontal multi-stage frac technology and exploit opportunities for secondary recovery. For more information and our current presentation please visit Point Loma's website at www.pointloma.ca
SOURCE: Point Loma Resources Ltd.
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.