Boundary Bay Acquisition of Working Interest in Well Finalized, 03/03/2008
Press Release
Source: Boundary Bay Resources Inc.
Boundary Bay Acquisition of Working Interest in Well Finalized Monday March 3, 12:27 pm ET
LAS VEGAS, March 3 /PRNewswire-FirstCall/ - Boundary Bay Resources, Inc. (the "Company") is pleased to announce that on March 3, 2008 a definitive agreement (the "Agreement") was executed between the Company and Nitro Petroleum Inc. ("Nitro"). The Agreement is in furtherance of the binding letter of intent signed on February 12, 2008, and includes additional terms and conditions governing the Company's previously announced acquisition of a 50% working interest in the rework program for the producing well at the Jessica # 23A (the "Jessica Property"), located at SE/4 NW/4 SE/4 Section 5, 6N, 6E, in Seminole County, Oklahoma in exchange for $50,000.
Lee Borschowa, President and CEO, stated, "The inclusion of the Jessica Property is a major step for Boundary Bay. Furthermore, the addition of this working interest, along with the over 200 barrels of oil acquired, should generate cash flow for Boundary Bay."
Boundary Bay Resources is dedicated to building a competitive oil and gas company that is cash flow positive. The Company intends to acquire working interests in established oil and gas production companies (Public or Private). Funds generated from this domestic production will be used to acquire premium oil and gas properties with both proven reserves and upside exploration potential. The company understands how exploration or "blue sky" opportunities can significantly increase the value of any company (especially when a deposit is found). Therefore, once/if some solid acquisitions are completed, our aim is to begin looking for potential oil and gas properties.
On Behalf of the Board of Directors,
Lee Borschowa President
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.
