News Release - April 12/02
WPN RESOURCES LTD.
CDNX Symbol: WPR
Corporate Office: #1500 - 885 West Georgia Street
Vancouver, British Columbia, Canada V6C 3E8
Tel : 1-604-669-2099
Fax: 1-604-669-3099
Date: April 12, 2002
NEWS RELEASE
WPN ANNOUNCES AGREEMENTS TO ACQUIRE
ADDITIONAL ITALIAN OIL CONCESSIONS
The Company reported today that it had exercised previously granted options to acquire two additional oil and gas concessions located in Italy. Pursuant to an option agreement dated January 24, 2002 between Puma Petroleum Limited, of Channel House, St. Peter Port, Guernsey and the Company, Puma agreed to grant to the Company the sole and exclusive option to acquire all of Puma's right, title and interest in and to the Pantelleria West and Pantelleria South permit applications consisting of 65,719 hectares and 66,531 hectares, respectively. Upon exercise of the option, Puma and the Company are deemed to have entered into a formal purchase and sale agreement for the sale of the permits from Puma to the Company. The consideration for the sale consists of 2,014,497 common shares of the Company issued at a deemed price of $0.12 per share, and the payment to Puma of $67,501U.S. as a re-payment of Puma's costs in respect of the Permits. The purchase agreement is subject to conditions precedent, which include the parties' obtaining all requisite approvals, including approval of the CDNX and Italian regulatory authorities.
Pursuant to a second option agreement dated January 24, 2002 between Puma, TM Information Systems Limited, of 5 Charterhouse Square, London, U.K. and the Company, the Company was granted an option to acquire all of the parties' interests in and to the Borsano permit application located onshore Italy consisting of approximately 31,784 hectares. Upon electing to exercise the option, the parties are deemed to have entered into a formal purchase and sale agreement. The consideration for the sale consists of 1,231,027 shares of the Company issued at a deemed price of $0.12 per share and the payment of $41,248U.S. as a re-payment of costs in respect of the permit. The purchase agreement is also subject to conditions precedent, which include the parties' obtaining all requisite approvals, including approval of the CDNX and Italian regulatory authorities.
The shares which are proposed to be issued will be held in escrow in accordance with CDNX requirements and will be released over a period of thirty-six months.
WPN RESOURCES LTD.
Per "Glenn Whiddon"
GLENN R. WHIDDON, CEO
The Canadian Venture Exchange neither approves nor disapproves of the information contained herein.
For further information please contact:
Jason Leikam
1650 Cedar Crescent
Vancouver, B.C.
Canada V6J 2P9
Tel.: 604-734 1295
Fax: 604-734 1605
E-mail: info@deferoinc.com |
