AMG Oil, through its wholly-owned subsidiary Adira Energy, enters into Letter
of Intent with Brownstone Ventures Inc.
FRANKFURT: AORLB8; OTCBB: AMGOF
Pursuant to the LOI, Brownstone will have the right to earn a 15% participating interest in any existing or future oil and gas blocks acquired by the Company in offshore
As announced
The Parties plan to evaluate the Gabriella License as their first joint exploration opportunity with a view to fulfilling the license obligations.
AMG's Chief Executive Officer, Ilan Diamond stated: "We are very pleased to have Brownstone as our partner as we evaluate the Gabriella License area with a view towards moving the exploration program forward. Brownstone and its principals have extensive experience in the oil and gas industry and bring with them tremendous skill in the specialized area of offshore drilling as well as access to significant capital. We think the Company will benefit from the exciting opportunity in this prospective new frontier of oil and gas exploration in the Mediterranean."
Sheldon Inwentash, CEO of Brownstone stated: "This new partnership with AMG Oil/Adira Energy, provides us with the long awaited opportunity of entering the oil and gas region offshore
About AMG Oil Ltd.
Through its wholly-owned subsidiary Adira Energy Corp., an Ontario corporation, the Company explores for oil and gas in
About Brownstone Ventures Inc.
Brownstone Ventures Inc. is a Canadian-based, energy focused investment company with equity interests and direct interests in oil and gas exploration projects, including working interests in almost 300,000 acres in the Piceance/Uinta Basins of Colorado and Utah; 72,896 acres in the Assam/Arakan Basin, Northeast
Forward-Looking Statement Disclaimer
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this press release, other than statements of historical facts, including those that announce proposed financings that the Company expects to complete, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include the failure of investors who are believed to have committed to the financings to complete them as a result of general market conditions, adverse developments unique to such investors, or otherwise. Accordingly, the actual amounts raised in financings may differ materially from those projected in forward-looking statements. For more information on the Company, investors should review the Company's filings, available at www.sedar.com and www.sec.gov. This announcement does not constitute an offering of securities nor a solicitation to purchase securities. An offer of securities will only be made by subscription agreement and subject to applicable law.
For further information: AMG OIL LTD.: Alan Friedman, EVP, Corp. Development, Tel: (416) 250-1955, Email: [email protected]; BROWNSTONE VENTURES INC.: Richard Patricio, VP Corporate & Legal Affairs Phone: (416) 941-8900, Email: [email protected]
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