BrazAlta & Brownstone Enter into Farm-In Agreements

Source: www.gulfoilandgas.com 10/1/2007, Location: South America

BrazAlta Resources Corp. ("BrazAlta") and Brownstone Ventures Inc. ("Brownstone") are pleased to announce that Brownstone has entered into two farm-in agreements with BrazAlta and W.Washington Empreendimentos E Participaçoes Ltda. ("W.Washington") to earn interests in Blocks 204, 219, 234 and Test Well Block 235 and Blocks, 94, 105, 115 and 116, each in the Reconcavo Basin, Brazil, on the following general terms and conditions.

Blocks 204, 219, 234 and Test Well Block 235
Under the terms of this farm-in agreement, Brownstone can earn a 15 percent interest of the Test Well Block and a 15 percent interest of Blocks 204, 219 and 234, all Blocks being located in the State of Bahia in the Reconcavo basin, Brazil, by paying 25% of the costs associated with the drilling of a test well. It is anticipated that the test well will be drilled in the fourth quarter of fiscal 2007.

Blocks 94, 105, 115 and 116
Under the terms of the second farm-in agreement, by Brownstone paying 25% of the costs associated with a 120 square kilometre 3D seismic shoot, it can earn a 12.5% interest in each of Blocks 94, 105, 115 and 116, which are all adjacent to the Fazenda Santa Estevao Field located in the State of Bahia in the Reconcavo basin, Brazil. It is anticipated that the seismic program commence within the next 30 days.

Brownstone, BrazAlta and W.Washington await final approval from the Agencia National De Petroleum ("ANP") on their Round 8 block awards in the Tucano Basin, North Eastern Brazil. As discussed in press releases dated November 30, 2006, Brownstone, BrazAlta and W.Washington have formed a joint venture pursuant to which they will co-operate on the ownership and development of the combined five blocks awarded in the Round 8 land auctions.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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