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News
27.11.2009
Morgan Creek Energy Corp.: Clarification and Amendment of The Terms Of the Option Agreement Between Morgan Energy Corp. and Bonanza Resources Corporation
Morgan Creek Energy Corp.: Clarification and Amendment of The Terms Of the Option Agreement Between Morgan Energy Corp. and Bonanza Resources Corporation
- North Fork 3-D Prospect – Beaver County – Oklahoma
Dallas, Texas – November 27, 2009 – On June 3, 2009 Morgan Creek Energy Corp. (“Morgan Creek”) (SYMBOL MCKE-OTCBB, M6C1-Frankfurt) announced that it had entered an option agreement (the “Option Agreement”) with Bonanza Resources Corporation (“Bonanza”) (SYMBOL BRS – TSXV: BRSUF – OTC: B4G-Frankfurt)a TSX Venture listed company, to acquire a 60% interest (the “Morgan Option”) in Bonanza’s option to acquire a 85% interest in the North Fork 3-D Prospect. Under the original terms of the Morgan Option, Morgan had a one year option to fund US$2,400,000.00 of drilling and completion costs in order to acquire the right to a 51% working interest (60% of 85%) in the balance of the Prospect.
Pursuant to the terms of a letter agreement between Bonanza and Ryan Petroleum, LLC and Radiant Energy, LLC (together the “Vendors”) dated February 25, 2008 (the “Underlying Agreement”), under which Bonanza originally acquired its interest in the Prospect, the Prospect was stated to consist of 8,555 acres. Based on the acreage of the Prospect set out in the Underlying Agreement, which Bonanza represented to Morgan Creek as accurate, the Option Agreement stated that the Prospect consisted of approximately 8,500 acres and the same was disclosed by Morgan Creek in its news releases of August 24, 2009, October 5, 2009 and November 18, 2009 and on the Morgan Creek website.
In the course of Morgan Creek’s due diligence on the Prospect, Morgan Creek discovered that the size of the Prospect was not approximately 8,500 acres but approximately 5,600 acres, which Morgan Creek alleges is materially less than originally represented by Bonanza and contracted for by Morgan Creek. Bonanza has stated to Morgan Creek that the actual lesser amount of acreage forming the Prospect recently discovered by Morgan Creek was due to certain leases not being renewed prior to the date that Morgan Creek entered into the Option Agreement with Bonanza. Morgan Creek, in good faith, relied on the representations of Bonanza when it entered into the Option Agreement and now knows that such representations were not correct.
In light of the fact that the Prospect is actually comprised of a number of acres materially less than represented by Bonanza, Morgan Creek hereby advises investors that it believes that the correct number of acres forming the Prospect is approximately 5,600 acres and advises that its website will be amended accordingly.
Officials with Morgan Creek have reviewed the website of Bonanza and have noticed that the Bonanza website fails to disclose that Bonanza entered into the Option Agreement with Morgan Creek and states that the Prospect is comprised of “8,500+ acres”. Morgan Creek advises investors that omission and statement are not correct.
As a result of the discovery of the actual amount of the acreage of the Prospect being materially less than what was represented:
(a) Morgan Creek it taking immediate steps to notify the investing public of such; and
(b) Morgan Creek will seek the advice of its legal counsel regarding any and all legal remedies available to it (including the possible return to Morgan Creek of all funds previously advanced to Bonanza) to redress any loss, costs and damages sustained by it as a result of the of the Prospect’s acreage being materially less than what Bonanza initially represented when it negotiated and entered into the Option Agreement with Morgan Creek.
About Morgan Creek Energy Corp.:
Morgan Creek Energy Corp. is a natural resource exploration company engaged in the acquisition and development of strategic oil and natural gas properties. For further information see: www.morgancreekenergy.com
Symbol: OTCBB – MCKE; Frankfurt/Berlin Symbol – M6C1, WKN No.: A0QYTM; ISIN: 61732R 206
Contact North America: Investor Relations
Tel.: 214-722-6490
Contact Europe: Investor Relations
Tel.: 49-69-7593-8467
SAFE HARBOR STATEMENT
THIS NEWS RELEASE CONTAINS “FORWARD-LOOKING STATEMENTS”, AS THAT TERM IS DEFINED IN SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE UNITED STATES SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. STATEMENTS IN THIS NEWS RELEASE, WHICH ARE NOT PURELY HISTORICAL, ARE FORWARD-LOOKING STATEMENTS AND INCLUDE ANY STATEMENTS REGARDING BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS REGARDING THE FUTURE.
EXCEPT FOR THE HISTORICAL INFORMATION PRESENTED HEREIN, MATTERS DISCUSSED IN THIS NEWS RELEASE CONTAIN FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH STATEMENTS. STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS THAT ARE PRECEDED BY, FOLLOWED BY, OR THAT INCLUDE SUCH WORDS AS “ESTIMATE,” “ANTICIPATE,” “BELIEVE,” “PLAN” OR “EXPECT” OR SIMILAR STATEMENTS ARE FORWARD-LOOKING STATEMENTS. RISKS AND UNCERTAINTIES FOR THE COMPANY INCLUDE, BUT ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH PROPERTY DEVELOPMENT AND FUNDING AS WELL AS THE RISKS SHOWN IN THE COMPANY’S MOST RECENT ANNUAL REPORT ON FORM 10-KSB AND ON FORM 10-QSB AND FROM TIME-TO-TIME IN OTHER PUBLICLY AVAILABLE INFORMATION REGARDING THE COMPANY. OTHER RISKS INCLUDE RISKS ASSOCIATED WITH THE REGULATORY APPROVAL PROCESS, COMPETITIVE COMPANIES, FUTURE CAPITAL REQUIREMENTS AND THE COMPANY’S ABILITY AND LEVEL OF SUPPORT FOR ITS EXPLORATION AND DEVELOPMENT ACTIVITIES. THERE CAN BE NO ASSURANCE THAT THE COMPANY’S DEVELOPMENT EFFORTS WILL SUCCEED AND THE COMPANY WILL ULTIMATELY ACHIEVE COMMERCIAL SUCCESS. THESE FORWARD-LOOKING STATEMENTS ARE MADE AS OF THE DATE OF THIS NEWS RELEASE, AND THE COMPANY ASSUMES NO OBLIGATION TO UPDATE THE FORWARD-LOOKING STATEMENTS, OR TO UPDATE THE REASONS WHY ACTUAL RESULTS COULD DIFFER FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS. ALTHOUGH THE COMPANY BELIEVES THAT THE BELIEFS, PLANS, EXPECTATIONS AND INTENTIONS CONTAINED IN THIS NEWS RELEASE ARE REASONABLE, THERE CAN BE NO ASSURANCE THOSE BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS WILL PROVE TO BE ACCURATE. INVESTORS SHOULD CONSIDER ALL OF THE INFORMATION SET FORTH HEREIN AND SHOULD ALSO REFER TO THE RISK FACTORS DISCLOSED IN THE COMPANY’S PERIODIC REPORTS FILED FROM TIME-TO-TIME WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION.
THIS NEWS RELEASE HAS BEEN PREPARED BY MANAGEMENT OF THE COMPANY WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. EACH OF THE NASD, THE SEC AND THE OTCBB NEITHER APPROVES NOR DISAPPROVES OF THE CONTENTS OF THIS NEWS RELEASE. THIS NEWS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.
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- North Fork 3-D Prospect – Beaver County – Oklahoma
Dallas, Texas – November 27, 2009 – On June 3, 2009 Morgan Creek Energy Corp. (“Morgan Creek”) (SYMBOL MCKE-OTCBB, M6C1-Frankfurt) announced that it had entered an option agreement (the “Option Agreement”) with Bonanza Resources Corporation (“Bonanza”) (SYMBOL BRS – TSXV: BRSUF – OTC: B4G-Frankfurt)a TSX Venture listed company, to acquire a 60% interest (the “Morgan Option”) in Bonanza’s option to acquire a 85% interest in the North Fork 3-D Prospect. Under the original terms of the Morgan Option, Morgan had a one year option to fund US$2,400,000.00 of drilling and completion costs in order to acquire the right to a 51% working interest (60% of 85%) in the balance of the Prospect.
Pursuant to the terms of a letter agreement between Bonanza and Ryan Petroleum, LLC and Radiant Energy, LLC (together the “Vendors”) dated February 25, 2008 (the “Underlying Agreement”), under which Bonanza originally acquired its interest in the Prospect, the Prospect was stated to consist of 8,555 acres. Based on the acreage of the Prospect set out in the Underlying Agreement, which Bonanza represented to Morgan Creek as accurate, the Option Agreement stated that the Prospect consisted of approximately 8,500 acres and the same was disclosed by Morgan Creek in its news releases of August 24, 2009, October 5, 2009 and November 18, 2009 and on the Morgan Creek website.
In the course of Morgan Creek’s due diligence on the Prospect, Morgan Creek discovered that the size of the Prospect was not approximately 8,500 acres but approximately 5,600 acres, which Morgan Creek alleges is materially less than originally represented by Bonanza and contracted for by Morgan Creek. Bonanza has stated to Morgan Creek that the actual lesser amount of acreage forming the Prospect recently discovered by Morgan Creek was due to certain leases not being renewed prior to the date that Morgan Creek entered into the Option Agreement with Bonanza. Morgan Creek, in good faith, relied on the representations of Bonanza when it entered into the Option Agreement and now knows that such representations were not correct.
In light of the fact that the Prospect is actually comprised of a number of acres materially less than represented by Bonanza, Morgan Creek hereby advises investors that it believes that the correct number of acres forming the Prospect is approximately 5,600 acres and advises that its website will be amended accordingly.
Officials with Morgan Creek have reviewed the website of Bonanza and have noticed that the Bonanza website fails to disclose that Bonanza entered into the Option Agreement with Morgan Creek and states that the Prospect is comprised of “8,500+ acres”. Morgan Creek advises investors that omission and statement are not correct.
As a result of the discovery of the actual amount of the acreage of the Prospect being materially less than what was represented:
(a) Morgan Creek it taking immediate steps to notify the investing public of such; and
(b) Morgan Creek will seek the advice of its legal counsel regarding any and all legal remedies available to it (including the possible return to Morgan Creek of all funds previously advanced to Bonanza) to redress any loss, costs and damages sustained by it as a result of the of the Prospect’s acreage being materially less than what Bonanza initially represented when it negotiated and entered into the Option Agreement with Morgan Creek.
About Morgan Creek Energy Corp.:
Morgan Creek Energy Corp. is a natural resource exploration company engaged in the acquisition and development of strategic oil and natural gas properties. For further information see: www.morgancreekenergy.com
Symbol: OTCBB – MCKE; Frankfurt/Berlin Symbol – M6C1, WKN No.: A0QYTM; ISIN: 61732R 206
Contact North America: Investor Relations
Tel.: 214-722-6490
Contact Europe: Investor Relations
Tel.: 49-69-7593-8467
SAFE HARBOR STATEMENT
THIS NEWS RELEASE CONTAINS “FORWARD-LOOKING STATEMENTS”, AS THAT TERM IS DEFINED IN SECTION 27A OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE UNITED STATES SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. STATEMENTS IN THIS NEWS RELEASE, WHICH ARE NOT PURELY HISTORICAL, ARE FORWARD-LOOKING STATEMENTS AND INCLUDE ANY STATEMENTS REGARDING BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS REGARDING THE FUTURE.
EXCEPT FOR THE HISTORICAL INFORMATION PRESENTED HEREIN, MATTERS DISCUSSED IN THIS NEWS RELEASE CONTAIN FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY SUCH STATEMENTS. STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS THAT ARE PRECEDED BY, FOLLOWED BY, OR THAT INCLUDE SUCH WORDS AS “ESTIMATE,” “ANTICIPATE,” “BELIEVE,” “PLAN” OR “EXPECT” OR SIMILAR STATEMENTS ARE FORWARD-LOOKING STATEMENTS. RISKS AND UNCERTAINTIES FOR THE COMPANY INCLUDE, BUT ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH PROPERTY DEVELOPMENT AND FUNDING AS WELL AS THE RISKS SHOWN IN THE COMPANY’S MOST RECENT ANNUAL REPORT ON FORM 10-KSB AND ON FORM 10-QSB AND FROM TIME-TO-TIME IN OTHER PUBLICLY AVAILABLE INFORMATION REGARDING THE COMPANY. OTHER RISKS INCLUDE RISKS ASSOCIATED WITH THE REGULATORY APPROVAL PROCESS, COMPETITIVE COMPANIES, FUTURE CAPITAL REQUIREMENTS AND THE COMPANY’S ABILITY AND LEVEL OF SUPPORT FOR ITS EXPLORATION AND DEVELOPMENT ACTIVITIES. THERE CAN BE NO ASSURANCE THAT THE COMPANY’S DEVELOPMENT EFFORTS WILL SUCCEED AND THE COMPANY WILL ULTIMATELY ACHIEVE COMMERCIAL SUCCESS. THESE FORWARD-LOOKING STATEMENTS ARE MADE AS OF THE DATE OF THIS NEWS RELEASE, AND THE COMPANY ASSUMES NO OBLIGATION TO UPDATE THE FORWARD-LOOKING STATEMENTS, OR TO UPDATE THE REASONS WHY ACTUAL RESULTS COULD DIFFER FROM THOSE PROJECTED IN THE FORWARD-LOOKING STATEMENTS. ALTHOUGH THE COMPANY BELIEVES THAT THE BELIEFS, PLANS, EXPECTATIONS AND INTENTIONS CONTAINED IN THIS NEWS RELEASE ARE REASONABLE, THERE CAN BE NO ASSURANCE THOSE BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS WILL PROVE TO BE ACCURATE. INVESTORS SHOULD CONSIDER ALL OF THE INFORMATION SET FORTH HEREIN AND SHOULD ALSO REFER TO THE RISK FACTORS DISCLOSED IN THE COMPANY’S PERIODIC REPORTS FILED FROM TIME-TO-TIME WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION.
THIS NEWS RELEASE HAS BEEN PREPARED BY MANAGEMENT OF THE COMPANY WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. EACH OF THE NASD, THE SEC AND THE OTCBB NEITHER APPROVES NOR DISAPPROVES OF THE CONTENTS OF THIS NEWS RELEASE. THIS NEWS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=US61732R2067">http://www.irw-press.com/alert_subscription.php?lang=en&isinUS61732R2067</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.