Rift Basin Resources (RIF-V) announces Formation of Strategic Alliance wit Gulfsands
Nov 16, 2012 - News Release
Rift Basin announces that it has established a strategic alliance (the "Strategic Alliance") with Gulfsands Petroleum plc ("Gulfsands"). The intention of the Strategic Alliance is to facilitate the pursuit and acquisition of petroleum projects (the "Projects") in Tunisia and elsewhere in the Middle East and North Africa region for mutual benefit.
The directors of Rift Basin and Gulfsands have until now been pursuing a number of potential Projects on an informal basis and matters have now reached a stage where the parties consider it appropriate to more formally establish the basis of this Strategic Alliance. It is the intention of the parties, unless otherwise agreed, that Gulfsands will act as the operator of any Project acquired under the Strategic Alliance and that Rift Basin's and Gulfsands' participating interests in any Project will be 30% and 70% respectively. Under the terms of the Strategic Alliance each party will have the right, but not the obligation, to submit any Project to the other party for consideration and a joint cooperation committee has been established to facilitate the cooperative review process between the parties.
Completion of any transactions involving the Company's participation in any Projects identified by the Strategic Alliance will be subject to a number of conditions, including but not limited to, TSX Venture Exchange ("TSX-V") acceptance and if applicable pursuant to TSX-V requirements, majority of the minority shareholder approval. There can be no assurance that any transaction to acquire any of the Projects identified by the Strategic Alliance with Gulfsands will be completed.
About Gulfsands
Gulfsands is an independent oil and gas exploration and production company, whose shares are traded on the London Stock Exchange (AIM:GPX). Gulfsands' major focus is on high impact projects in the Middle East and North Africa, where it has oil exploration, production and development projects in the Syrian Arab Republic (activities currently suspended in compliance with EU sanctions), and oil exploration projects in Tunisia. Gulfsands also produces oil & gas from a portfolio of properties in the USA, offshore Gulf of Mexico. Gulfsands' vision is to become one of the pre-eminent independent exploration and production companies in the Middle East and North Africa and a preferred operator and partner.
ON BEHALF OF RIFT BASIN RESOURCES CORP.
Wayne Koshman, Chief Executive Officer |
