X-Terra and Brownstone proceed with magnetic surveys in St-Laurent Lowlands
ROUYN-NORANDA, QC, Sept. 16 /CNW Telbec/ - X-Terra Resources Corporation
("X-Terra") and Brownstone Ventures Inc. (TSXV: "BWN") ("Brownstone") are
pleased to announce that they have commenced a 5,543 km airborne magnetic
survey on the Rimouski, Rimouski North and Shawinigan projects in the
St-Laurent Lowlands, Quebec. The survey is composed of 5,543 km of 300
metre-spacing flight lines and 3,000 metre-spacing control lines and will be
completed by Geophysics GPR International - KalusAir Services Inc (KASI). The
magnetic survey maps will be used to outline the structural and lithological
geology of some specific targeting sectors for further exploration. Please
refer to X-Terra's website to view a surface plan showing the location of the
survey.
Area participants, like Questerre Energy Corp., continue to make progress
confirming the potential for significant oil and gas in Quebec. X-Terra
Resources and Brownstone Ventures' Québec Oil and Gas Licenses cover a total
of 159,991 hectares (1,600 sq.km).
About X-Terra Resources
X-Terra is a resource company focused on acquiring and exploring energy
properties in Canada. X-Terra Resources has 11,783,069 shares outstanding, a
cash position of $3.8M and an investment of 2,000,000 shares of Brownstone
Ventures Inc. which represents as of today $0.40 per share.
About Brownstone
Brownstone Ventures Inc. is a Canadian-based, energy focused investment
company with equity interests and direct interests in oil and gas exploration
projects, including working interests in almost 300,000 acres in the
Piceance/Uinta Basins of Colorado and Utah; 72,896 acres in the Assam/Arakan
Basin, Northeast India; 253,000 acres in Rio Negro, Argentina; interests in
several projects in Brazil and a 50% interest in approximately 395,368 acres
in the Québec Lowlands. For additional information, please see Brownstone's
website: www.brownstoneventures.com.
The TSX Venture Exchange does not take responsibility for the
adequacy or accuracy of this release.
Certain statements contained in this press release constitute
forward-looking statements. These statements relate to future events or the
future performance of X-Terra and Brownstone . Statements other than
statements of historical fact may be forward-looking statements.
Forward-looking statements are often, but not always, identified by the use
of words such as "seek", "anticipate", "budget", "plan", "continue",
"estimate", "expect", "forecast", "may", "will", "project", "predict",
"potential", "targeting", "intend", "could", "might", "should", "believe" and
similar words suggesting future outcomes or statements regarding an outlook.
Forward-looking statements in this press release include, but are not limited
to, statements with respect to: the performance characteristics of the
X-Terra and Brownstone's oil and natural gas properties; drilling plans and
the timing and location thereof; plans for the exploration and development of
the company's properties; production capacity and levels, and the timing of
achieving such capacity and levels; the size of oil and natural gas reserves;
projections of market prices and costs; supply and demand for oil and natural
gas; expectations regarding the ability to raise capital and to continually
add to reserves through acquisitions and development; and capital expenditure
programs.
Forward-looking statements involve known and unknown risks, uncertainties
and other factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking statements. The
Company believes the expectations reflected in those forward-looking
statements are reasonable but no assurance can be given that these
expectations will prove to be correct and readers are cautioned not to place
undue reliance on forward-looking statements contained in this press release.
Some of the risks and other factors which could cause results to differ
materially from those expressed in the forward-looking statements contained
in this press release include, but are not limited to: volatility of and
assumptions regarding oil and natural gas prices; liabilities inherent in oil
and natural gas operations; uncertainties associated with estimating oil and
natural gas reserves; competition for, among other things, capital,
acquisitions of reserves, undeveloped lands and skilled personnel;
geological, technical, drilling and processing problems; fluctuations in
currency and interest rates; product supply and demand; and risks inherent in
the company's foreign operations; changes in environmental and other
regulations or the interpretation of such regulations; and the other factors
discussed in this press release and in Brownstone's filings with Canadian
securities regulatory authorities which are available to the public at
www.sedar.com.
Statements relating to "reserves" are deemed to be forward-looking
statements, as they involve the implied assessment, based on certain
estimates and assumptions, that the reserves described can be profitably
produced in the future. Readers are cautioned that the foregoing lists of
factors are not exhaustive. The forward-looking statements contained in this
press release are made as at the date hereof and Brownstone undertakes no
obligation to update publicly or revise any forward-looking statements,
whether as a result of new information, future events or otherwise, except as
required by applicable securities laws. The forward-looking statements
contained in this press release are expressly qualified by this cautionary
statement.
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.
%SEDAR: 00004590E
For further information: Martin Dallaire, President and Chief Executive
Officer, (819) 762-0609, Fax: (819) 762-0097, info@xterraresources.com;
www.xterraresources.com; Richard Patricio, Vice-President Corporate and Legal
Affairs, Brownstone Ventures Inc., (416) 941-8900,
info@brownstoneventures.com; www.brownstoneventures.com