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Alberta Star Development Corp. (TSX-V:ASX - News)(OTC.BB:ASXSF - News)(Frankfurt:QLD - News) ("Alberta
Star" or the "Company") is pleased to announce that its has
entered into an agreement with Southern Cross Energy ("Southern
Cross") to locate and pursue a number of heavy oil and natural gas
opportunities in Colombia.
Alberta Star jointly with Southern Cross
intends to pursue, review and evaluate a number of strategic exploration and
production opportunities in several oil & gas regions throughout
Colombia, South America. The Company over the past few months has been
actively reviewing oil and natural gas exploration and production
opportunities in several regions of Colombia with a number of interested
parties. The Company believes that Colombian oil exploration and development
activity is now targeting the heavy oil resources situated in Columbia,
particularly in the upper, middle and southern Magdalena river valley where
the Company and its working interest partner, hope to implement their
successful Canadian heavy oil exploration, production strategy model, which
has been developed successfully in the prolific heavy oil fields straddling
Lloydminster, Alberta and Saskatchewan.
Southern Cross is located in Bogota,
Colombia and offers a wide variety of geological consulting and financial
services to the Colombian Oil and Gas industry, as well as other areas of
South America. Southern Cross was established by Mr. Stephen Newton and Mr.
Menno Wiebe who have collectively more than 70 years of oil and natural gas
experience in Latin America, including 25 years of oil and natural gas
experience developing opportunities in Colombia. Messrs. Newton and Wiebe
previously founded Solana Resources Limited one of the first successful
Colombian focused, Canadian based start ups. In addition to assisting and
managing the development of many international oil & gas majors and
juniors, to date, the directors of Southern Cross has raised in aggregate,
more than $150 million USD over the past seven years of operation in
Colombia, for oil and gas projects.
The Directors profiles of Southern Cross
are as follows:
Mr. Stephen Newton: Non-Executive Board
Member; and former VP of Engineering and Enhanced Oil Recovery for Occidental
Petroleum Worldwide, President of Occidental Colombia, President & CEO of
Solana Resource, President of Global Energy Development in Colombia; and now
currently the CEO of Vetra Energia S.L.. Mr. Stephen Newton has had a
distinguished career and has more than 35 years of successful international
oil and gas industry experience, and is well known and highly regarded in the
Colombian oil & gas industry and has been recognized for developing the
oil and gas industry in Colombia by government agencies, officials and
organizations working within the Colombian oil industry. Stephen Newton is a
Petroleum Engineer, (B.E. and M.Sc.), with and executive MBA, has had an
exemplary and long term Public company experience.
Mr. Menno Wiebe: Executive Director of
SCE; and former Chief Development Geologist of Occidental Petroleum UK,
Exploration Manager of Bow Valley Resources (Indonesia), Manager of Husky Oil
(Indonesia), VP and General Manager of Hall Houston Oil Company (Malaysia),
CEO of Pertacal Energy Inc., VP Exploration of Solana Resources (Colombia).
Mr. Wiebe is a non executive Director of several TSX and AIM listed
companies. Mr. Wiebe has more than 35 years of experience in international
oil and gas operations with 8 years of Colombian oil and gas experience. Mr.
Wiebe is a registered Geologist (B.Sc. - Honors Geology) and has an MBA from
Warwick University in the UK.
Mr. Christopher Newton: Executive
Director; and a former executive consultant with McKinsey USA. Mr. Chris
Newton has developed a number commercial business
strategies for various companies in regard to the acquisition of basic
materials, banking development, telecommunications systems, and product
development of consumer goods. Mr. Newton headed a specialized team in
corporate leadership designed to develop and implement costing reductions,
operational synergies strategies for a recognized international oil company.
Mr. Newton is results oriented and has designed commercial strategies for a
multi-national basic materials basic materials company in Colombia. Mr.
Newton holds degrees in both Business Management and Management of
Information Systems from Suffolk University, Boston.
ALBERTA STAR DEVELOPMENT CORP.
The Company is a Canadian resource
exploration and development company that identifies, acquires and finances
oil and natural gas assets in Western Canada and advanced stage mineral
exploration projects in North America. The Company has recently made two
strategic heavy oil & gas acquisitions in Lloydminster, Alberta and
Saskatchewan which has expanded its diversification into the oil and natural
gas resource sector with the acquisition of revenue producing resource assets
which compliments its existing, advanced stage mining interests. The Company
is a junior heavy oil producer that has a growing production base, and is
maximizing future production through its exploration drilling activities,
production acquisitions and strategic asset acquisition both domestically and
in the international arena. The recent, strategic property acquisitions
combined with a growing production portfolio has further strengthened the
Company's relationship, with an experienced working interest partner and
heavy oil industry leader. This strategic partnership will allow for rapid future
expansion into the oil and natural gas resource sector through exploration
drilling, existing asset development and production asset acquisition. The
Company's strong balance sheet is expected to fuel the Company's coming
production growth plans in the oil and gas sector.
The Company maintains a strong balance
sheet and has a qualified management team in field exploration, exploration
drilling, well operations and has the necessary manpower ready for the
development of the Company's oil and gas and natural resource properties. The
Company is committed to increasing its daily aggregate oil production, by
selecting and acquiring additional strategic oil and gas properties for
acquisition, exploration and then developing these petroleum and natural gas resource
assets. The Company plans on increasing exploration and development of its
existing petroleum and natural gas resource assets and plans on increasing
its daily aggregate oil production with these assets. The Company continues
to review and seek to acquire additional strategic oil & gas exploration
properties in Alberta, Saskatchewan and as well, is seeking to acquire
additional international oil and gas production and exploration projects. The
Company will also consider advanced stage base and precious metal property
acquisitions and will seek to acquire additional exploration and production
resource projects.
INVESTOR RELATIONS
Investors are welcomed to contact Mario
Drolet MI 3 Communications Financiers Inc. at (514) 346-3813, the Company's
Investor Relations specialists for all corporate updates, and investor
inquiries.
Reader Advisory
Certain information in this Press
Release is forward-looking within the meaning of certain securities
legislation, and is subject to important risks, uncertainties and
assumptions. This forward-looking information includes, among other things,
information with respect to Alberta Star's beliefs, plans, expectations,
anticipations, estimates and intentions, including the licensing, completion
and success of future drilling and development activities, the performance of
existing wells, the performance of new wells, general economic conditions,
availability of required equipment and services and prevailing commodity
prices. The words "may", "could", "should",
"would", "suspect", "outlook",
"believe", "anticipate", "estimate",
"expect", "intend", "plan", "target"
and similar words and expressions are used to identify forward-looking
information. The forward-looking information in this Press Release describes
Alberta Star's expectations as of the date of this Press Release.
Material factors which could cause
actual results or events to differ materially from such forward-looking
information include, among others, risks arising from general economic
conditions and adverse industry events, risks arising from operations
generally, 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 and
exchange rate fluctuations; reliance on contractual rights such as licenses
and leases in the conduct of its business, reliance on third parties,
reliance on key personnel, possible failure of the business model or business
plan or the inability to implement the business model or business plan as
planned, competition, environmental matters, and insurance or lack thereof
and the other factors described under "Risk Factors" in the
Company's annual reports and Form 20-F available in Canada at www.sedar.com,
as well as on file with the U.S. Securities and Exchange Commission. Readers
are cautioned that this list of risk factors should not be construed as
exhaustive.
Alberta Star cautions that the foregoing
list of material factors is not exhaustive, is subject to change and there
can be no assurance that such assumptions will reflect the actual outcome of such
items or factors. When relying on Alberta Star's forward-looking information
to make decisions, investors and others should carefully consider the
foregoing factors and other uncertainties and potential events. It has also
assumed that the material factors referred to in the previous paragraph will
not cause such forward-looking information to differ materially from actual
results or events. The forward-looking statements contained in this press
release are made as of the date hereof and the Company undertakes 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.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as the term is defined in the Policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Contact:
Contacts:
Alberta Star Development Corp.
Tim Coupland
President and CEO
(604) 681-3131
(604) 408-3884 (FAX)
astar@telus.net
Alberta Star Development Corp.
Robert Hall
Corporate Development, Director
(604) 488-0860
rthall@shaw.ca
www.alberta-star.com
MI 3 Communications Financiers Inc.
Mr. Mario Drolet
Cell: (514) 346-3813 or Office :(514) 904-1333
Mario@mi3.ca
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