SUNDANCE ENERGY ANNOUNCES LASHBURN AREA SASKATCHEWAN STATUS UPDATE
January 20, 2012 Calgary, Alberta - Sundance Energy Corporation (“Sundance” or the “Corporation”) (“SNY” TSX-V) (“SNYXF” OTCQX) announces that the previously announced lease acquired from the Moosomin First Nation (see News Release dated November 16, 2011) in the Lashburn Area, Saskatchewan has been farmed-out to a private oil and gas operator that is currently active in the Lashburn Area. The Lashburn lease lies within the boundaries of the Lashburn West Sparky oilfield located in Western Saskatchewan.
Under the terms of the Farmin Agreement Sundance’s farmin partner will drill four development wells on Sundance’s Lashburn lease. Sundance’s farmin partner will pay 100% of the costs to earn a 60% interest in the four development wells. Sundance will be carried at no cost through the drilling, testing, completion and equipping costs, including the tanks, in all four development wells and will retain a 40% interest in these wells. Sundance’s farmin partner must drill the first development well on or before May 30, 2012, the second well on or before June 30, 2012, the third well on or before July 30, 2012 and the fourth well on or before August 30, 2012. If Sundance’s farmin partner does not meet its drilling commitments then all rights to the Lashburn lease revert back to Sundance.
Upon Sundance’s farmin partner meeting its drilling commitments Sundance will retain a 50% participation interest in the balance of the Lashburn lease that may see as many as four additional wells drilled during 2012.
Sundance Energy Corporation is a junior publicly traded oil and gas company whose primary focus is exploring First Nation Lands in Western Canada. Sundance trades in Canada on the TSX Venture Exchange under the trading symbol “SNY” and on the OTCQX Exchange in the U.S.A. under the trading symbol “SNYXF”.
For further information:
Jeffrey Standen, President / CEO
Tel: (403) 538-8446
Fax: (403) 228-7715
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved nor disapproved the information contained herein.
Forward Looking Statements
This news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding future plans and objectives of the Corporation, are forward looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Corporation's expectations are exploration risks detailed from time to time in the filings made by the Corporation with securities regulations.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Sundance. As a result, we cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and Sundance does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.