Press release from TheNewswire.ca
CANADA GAS TO SELL INTEREST IN TRUTCH PROJECT
Wednesday, April 28, 2010
CANADA GAS TO SELL INTEREST IN TRUTCH PROJECT07:00 EDT Wednesday, April 28, 2010(via Thenewswire.ca) Vancouver, British Columbia, Canada - April 28th, 2010 - Canada Gas Corp. ("Canada Gas" or the "Company") has entered into an agreement to sell its interests in the Trutch natural gas project in northeast British Columbia to Hemisphere Energy Corporation (tsxv: HME). The acquisition includes a range of 9%-30% working interest in various assets throughout the property. Total Consideration for the acquisition is $300,000 in cash and $50,000 in Hemisphere Energy shares to be issued based on the 30 calendar day average trading price of Hemisphere up to the close on Tuesday, April 27, 2010. The closing of the transaction is anticipated to occur on or before July 15, 2010 and is subject to normal due diligence, shareholder and regulatory approvals. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. For more information on Canada Gas Corp., please visit www.canadagas.ca or call 1.888.685.5851. On Behalf of the Board, CANADA GAS CORP. "Chad McMillan" President & CEO ~ABOUT CANADA GAS~ Canada Gas Corp. (tsx.v: CJC; Frankfurt: YXE; otc:bb: CJCFF) has two natural gas projects located in the foothills region of the prolific petroleum and natural gas bearing Western Canadian Sedimentary Basin, northeastern British Columbia, Canada. The Prophet River and Trutch projects feature varying PNG rights to multiple prospective target horizons, multiple prospective development locations, and flexible logistics. Meanwhile, the Company is diversifying into the Canadian oil space, looking to deploy capital, expertise and new techniques to low risk development situations. FORWARD LOOKING STATEMENTS This press release may contain forward-looking statements including expectations of future production. More particularly, this press release contains statements concerning the Partners' future production estimates, expansion of oil and gas property interests, exploration and development drilling, regulatory applications, payout estimates, capital expenditures, and drilling locations to be drilled in 2007/2008. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ from those anticipated. These risks include, but are not limited to: the risks associated with the oil and gas industry (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price, price and exchange rate fluctuation and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Additional information on these and other factors that could affect the Partners' operations or financial results are included in the Partners' reports on file with Canadian securities regulatory authorities. The forward-looking statements or information contained in this news release are made as of the date hereof and the Partners undertake no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. Oil and Gas Advisory. This press release may contain disclosure expressed as "boe". All oil and natural gas equivalency volumes have been derived using the ratio of six thousand cubic feet of natural gas to one barrel of oil. Equivalency measures may be misleading, particularly if used in isolation. A conversion ratio of six thousand cubic feet of natural gas to one barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the well head. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Copyright (c) 2010 Thenewswire.ca - All rights reserved.