Vancouver, B.C., March 11, 2013 - UMBRAL ENERGY CORP. (TSX-V: UMB) (the "Company" or "Umbral") announces that it has entered into a farmout agreement (the "Agreement") with an Alberta based oil and gas Company to earn a 25% interest in an exploration test well, located in Southern Alberta. Pursuant to the Agreement, Umbral will pay 37.5% of all costs and expenses associated with the test well to earn 25% of all revenue. The estimated cost to Umbral is approximately$300,000. Further participation in the area of interest will be on the basis of 37.5% to earn 37.5%.
-Drill one Glauconitic test (1500 m)
-Step out location to Little bow Upper Mannville pool
-Step-out pool in process of tertiary recovery
-Bakken and Arc pool potential
-1600 acres of land (2.5 sections)
Also, the Company announces that Michael Hart has resigned from the Board of Directors of the company. Mr. Brad Culver will sit on the Board in place of Mr. Hart.
Brad Culver, B.Sc.(hons), P.Geoph. | Mr. Culver is a Senior Exploration Geophysicist with Birchcliff Energy Ltd., a successful public Oil and Gas company based in Alberta. Previously, Brad worked with Encana for 10 years. He obtained his degree in Geological Sciences from Queens University in 1988.
Jag Bal, President and CEO of Umbral Energy states "the addition of Brad to the board is part of a reorganization plan of the Company, that will accelerate the Company's existing and future exploration/development projects".
About Umbral Energy Corp.
Umbral Energy Corp. is a resource exploration company focused on the exploration of the Letourneur Property in the Abitibi region of southwestern Quebec. Management will continue to review other opportunities in the resource sector.
The Company's Letourneur property is located in the Abitibi region of southwestern Quebec, 41 km north of Rouyn-Noranda. The property consists of 95 mineral claims for a total area of approximately 4,351 hectares. The property is easily reached by paved and gravel roads and the main showing sits only 1 km from a well-maintained gravel road.
A two phase drilling campaign was conducted, consisting of 15 drill holes totaling 2,190 meters and completed during the period of May to September 2010; the second program in the Fall of 2011 consisted of 8 additional drill holes for 944 metres.
Further work is contemplated on the Letourneur Property.
ON BEHALF OF THE BOARD OF DIRECTORS OF UMBRAL ENERGY CORP.
President and CEO
Neither the 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.
Leave a comment...