Vancouver B.C. October 3, 2013: Golden Coast Energy Corp. (The "Company" or "GCE") or formerly Sunridge Energy Corp.) is pleased to announce that further to its news release dated August 9, 2013 it has executed a definitive agreement with Red Pine Investments Ltd ("Red Pine") (RPN.H) to farm out a 60% interest in certain of its oil and gas wells (the "Wells") in consideration of Red Pine expending $1,000,000 on the Wells, of which $200,000 has now been advanced to Golden Coast (the "Advance"). Of the Advance, $25,000 was paid as a non-refundable deposit and the balance of $175,000 will be refundable to Red Pine in the event the farm-out is not completed and is secured against the Company's Lavoy gas wells. The Advance is to be utilized by the Company to pay for certain work-over costs on the Wells. The Company will provide a further update on the transaction with Red Pine as it progresses.
The company also wishes to announce that it has granted 650,000 stock options to certain officers, directors, consultants and employees of the company to purchase up to a total of 650,000 common shares in the capital of the company at a price of $0.05 per common share for a period of five years ending Oct. 4, 2018. The stock options are subject to the terms of the company's stock option plan and regulatory approval.
ABOUT GOLDEN COAST
Golden Coast is a junior oil and gas exploration and development company with production operations in the Province of Alberta.
On behalf of the board,
President and Director
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Golden Coast cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Golden Coast's control. Such factors include, among other things: risks and uncertainties relating to Golden Coast's ability to complete the drilling of the Test Well; earn a working interest in the Property and that there will be production from any wells drilled. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Golden Coast undertakes no obligation to publicly update or revise forward-looking information.
NEITHER 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.
For further information please contact:
Golden Coast Energy Corp..
650 West Georgia St. Suite 620
Vancouver, British Columbia V6B 4N9
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