Rift Basin Announces Formation of Strategic Alliance With Gulfsands
November 16 2012 - 4:05PM
Marketwired
Rift Basin Resources Corp. (TSX VENTURE:RIF) (the "Company" or
"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 Rift Basin
The Company is listed on the TSX Venture Exchange under the
symbol "RIF". The Company is currently listed as a Tier 2 mining
issuer and is seeking to become an oil and gas issuer. Additional
information about Rift Basin is available under Rift Basin's SEDAR
profile at www.sedar.com.
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
Some of the statements contained in this press release are
forward-looking statements and information within the meaning of
applicable securities laws. Forward-looking statements and
information can be identified by the use of words such as
"expects", "intends", "is expected", "potential", "suggests" or
variations of such words or phrases, or statements that certain
actions, events or results "may", "could", "should", "would",
"might" or "will" be taken, occur or be achieved. Forward-looking
statements and information are not historical facts and are subject
to a number of risks and uncertainties beyond the Company's
control. Actual results and developments are likely to differ, and
may differ materially, from those expressed or implied by the
forward-looking statements contained in this news release.
Accordingly, readers should not place undue reliance on
forward-looking statements. The Company undertakes no obligation to
update publicly or otherwise revise any forward-looking statements,
except as may be required by law.
Neither TSX Venture Exchange nor its Regulations Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Contacts: Rift Basin Resources Corp. Wayne Koshman Chief
Executive Officer (604) 608-1999 (604) 688-0854 (FAX)