NLR.B Nuloch Resources

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UNITED STATES.


NuLoch Resources Inc. ("NuLoch" or the "Company") (TSX VENTURE:NLR.A) (TSX
VENTURE:NLR.B) has closed its previously announced acquisition (the
"Acquisition") of petroleum and natural gas properties in the Williston Basin of
North Dakota. As a step in the process, each of the 23,600,556 subscription
receipts of NuLoch issued on October 6, 2009 pursuant to the previously
announced "bought deal" financing underwritten solely by Genuity Capital
Markets, were exchanged for one NuLoch Class A share with a hold period expiring
on Feb 7, 2010. Valiant Trust Company, as trustee for the Subscription Receipts,
will issue and mail certificates for the NuLoch Class A common shares to the
holders of subscription receipts within 5 business days.


The Company now has 78,287,799 Class A common shares and 652,500 Class B common
shares issued and outstanding. Current production, including the acquisition, is
estimated at 769 boe/d with a 55% weighting of light and medium oil.


North Dakota Acquisition

In North Dakota, NuLoch has acquired a 10% working interest in 31 producing oil
wells and a working interest of approximately 10% in over 240,000 acres of
largely contiguous lands. This acreage is adjacent to NuLoch's strategic land
block at Tableland Saskatchewan bringing the combined position to over 57,000
net acres. NuLoch's working interest share of production included in the
Acquisition, including well completions since announcement of the Acquisition on
September 8, 2009, is approximately 142 barrels per day of high-quality light
oil primarily from the Three Forks Sanish and Bakken formations. The purchase
price, established effective August 1, 2009, is comprised of US$14,000,000 and
1,000,000 Class A common shares of NuLoch. The Company estimates that closing
and post-closing adjustments will total to an additional US$950,000 and include
drilling and completion operations on 3 horizontal Three Forks Sanish wells
undertaken prior to the Acquisition closing date.


NuLoch is now involved in an active drilling program in North Dakota targeting
the Three Forks Sanish with 1 gross horizontal well currently in the completion
phase and 3 gross horizontal wells drilling or planned prior to fiscal 2009 year
end. 


Canadian Drilling Update

NuLoch is preparing to drill a horizontal Three Forks Sanish oilwell (0.7 net)
at Tableland with spud anticipated in November. At Enchant, the Company is
following up on its 2008 oil discovery with a well (1.0 net) planned for spud in
November.


Advisories

Use of Barrels of Oil Equivalent (boe)

Disclosure provided herein in respect of boe units may be misleading,
particularly if used in isolation. A boe conversion ratio of 6 Mcf of natural
gas to 1 bbl of crude oil is based on an energy equivalency conversion method
primarily applicable at the burner tip and may not represent a value equivalency
at the wellhead.


Forward-Looking Statements

Certain statements in this document or incorporated herein by reference
constitute "forward-looking statements". These forward-looking statements can
generally be identified as such because of the context of the statements,
including words indicating that the Company "believes", "anticipates",
"expects", "plans" or words of a similar nature. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements of the Company, or industry
results, to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements. Such
factors include, among others, the following: general economic and business
conditions which will, among other things, impact demand for and market prices
of the Company's products; industry capacity; the ability of the Company to
implement its business strategy, including exploration and development
activities; the ability of the Company to complete its capital programs;
successful negotiations with bankers and other third parties; the success of
exploration and development activities; production levels; government
regulations and the expenditures required to comply with them (especially safety
and environmental laws and regulations); asset retirement obligations; and other
circumstances affecting revenues and expenses.

Grafico Azioni Nuloch Resources (TSXV:NLR.B)
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Da Mag 2024 a Giu 2024

Grafico Azioni Nuloch Resources (TSXV:NLR.B)
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Da Giu 2023 a Giu 2024