Scout Exploration Begins Building Alberta Oil/Gas Property Portfolio With Acquisition of Kerrisdale Resources Ltd.
Posted on: Thursday, 7 February 2008, 12:00 CST
Scout Exploration Inc. (OTCBB: SCXN) is pleased to announce it has signed a Letter Of Intent (LOI) to acquire a 100% interest in Kerrisdale Resources Ltd., a private Alberta company. The LOI allows Scout 90 days to complete an independent NI 53-101 compliant engineering report. This acquisition meets Management's goal of acquiring fair to under valued projects at the low end of the commodity price cycle. "Management envisions an aggressive growth strategy over the next year with the acquisition of Kerrisdale Resources as the stepping stone to further acquisitions, therefore capitalizing on the availability of gas rich projects while prices for gas remain at recent lows," said John Roozendaal, President and Director of Scout Exploration Inc.
About Kerrisdale Resources Ltd.
Kerrisdale Resources Ltd. is a private oil and gas company founded in 1994. The company has mineral rights and gas production in the Hilda, Atlee Buffalo, Jenner and Viking-Kinsella areas of S.E. Alberta and Gross Overriding Oil Royalties in S.E. Saskatchewan. Kerrisdale has interests in 4480 gross acres and 1238 net acres with gross production of 280 mcfd, of which Kerrisdale owns approximately 48%, and 0.7 bopd (47 boepd gross). The lands include 13 undrilled gas spacing units.
On behalf of the Board,
Jason Walsh
Contacts: Scout Exploration Inc. Kevin Beaulieu 1-877-324-7245 or Website: www.scoutexploration.com
SOURCE: Scout Exploration Inc.
Source: MARKET WIRE
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