BELIZE CITY, BELIZE--(Marketwired - Jun 24, 2014) - The directors and management of Kilimanjaro Capital (KCAP)(OTC PINK:KIMJF) are pleased to announce that it has entered into a letter of intent to acquire certain oil and gas assets located in the Long Coulee and Parkland regions of southern Alberta, Canada, from Verity Energy Ltd. The Letter of Intent is conditional upon a number of conditions, including the parties agreeing to a formal purchase and sale agreement.
The Assets are located in the Long Coulee/Parkland area of Alberta and production is predominantly from the Belly River, Medicine Hat, Bow Island and Mannville formations. May 2014 production at the Property was approximately 124 boe/d. A portion of the production is currently shut-in pending the terms for a processing agreement being agreed upon. It appears that such an agreement will be reached in the near future after which an approximate 40 boe/d of production will likely be added. This is anticipated to bring total production to over 160 boe/d. The assets include an interest in approximately 85 sections of land.
Verity is a privately held Alberta corporation engaged in the exploration and development of oil and gas properties in the western Canadian sedimentary basin. Verity currently resource producing properties in Alberta and British Columbia.
Kilimanjaro hopes to obtain details of an NI 51-101 report on the asset in the near future.
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