Published:
Brinx Resources Completes Private Placement
Brinx Resources Ltd. (OTC BB: BNXR) (the
"Company" or "Brinx") is pleased to announce the completion of a private
placement in the amount US$239,980 on May 3, 2006. The Company has raised
US$739,979 through private placements during the last 70 days.
In its May 3, 2006 private placement, the Company issued 184,600 restricted
units to a foreign investor at the price of $1.30 per unit. Each unit is
comprised of one common share and one common share purchase warrant
exercisable at $1.80 per share within 24 months of issuance. The Company
does not intend to file a registration statement with the Securities and
Exchange Commission related to these units, thus the shares issued will be
restricted under various regulatory provisions.
"We are extremely happy to close this phase of funding insofar as it allows
our company the opportunity of strengthening its balance sheet through the
drill bit," said Leroy Halterman, President of Brinx Resources Ltd. "The
commencement of drilling this month on both the Powell #2 well at Owl Creek
in Oklahoma and the 10-well program at Palmetto Point in Mississippi are
indicative of the forward momentum Brinx is generating."
Along with its partner and project operator Ranken Energy Corporation,
Brinx Resources has the potential to complete 25 additional wells on the
Owl Creek Prospect after the completion of the Powell #2 well -- the first
offset development well to the Powell #1 -- which commenced on May 1, 2006.
Brinx has a 70% working interest in the Owl Creek Prospect.
Additionally, drilling at Palmetto Point is expected to commence within the
next week. The targets at Palmetto Point are primarily, but not
exclusively, natural gas and the operator, Griffin and Griffin, has shot
and analyzed extensive areas of 3D seismic and identified over 80 drill
targets. Brinx has a 10% gross working and revenue interest in the 10-well
drilling program at Palmetto Point.
About Brinx Resources
Brinx Resources is an expanding exploration company focused on developing
North American oil and natural gas reserves. The Company's current focus is
on the continued exploration and development of its land portfolio
comprised of working interests in the Three Sand Project in McClain County,
Oklahoma (70% interest), the Owl Creek Project in Noble County, Oklahoma
(40% interest), and its newest interest in its Mississippi Prospect in
Palmetto Point (10% interest). Brinx Resources is seeking to expand its
portfolio to include additional interests in North America.
Leroy Halterman C.P.G., R.P.G., LPG, President
The Company has no official gas or oil reserves at this time and may not
have sufficient funding to thoroughly explore, drill or develop its
properties. Statements which are not historical facts are forward-looking
statements. The Company makes forward-looking public statements concerning
its expected future operations, performance and other developments. Such
forward-looking statements are necessarily estimates reflecting the
Company's best judgment based upon current information and involve a number
of risks and uncertainties, and there can be no assurance that other
factors will not affect the accuracy of such forward-looking statements. It
is impossible to identify all such factors but they include and are not
limited to the existence of underground deposits of commercial quantities
of oil and gas; cessation or delays in exploration because of mechanical,
operating, financial or other problems; capital expenditures that are
higher than anticipated; or exploration opportunities being fewer than
currently anticipated. Factors which could cause actual results to differ
materially from those estimated by the Company include, but are not limited
to, government regulation, managing and maintaining growth, the effect of
adverse publicity, litigation, competition and other factors which may be
identified from time to time in the Company's public announcements and
filings.
Distributed by Market Wire
Copyright © 2008, MarketWire
Copyright © 2008, NewsBlaze,
Daily News
Tags: ,Energy and Utilities:OilandGas, ,NM,ALBUQUERQUE, NM
_ _Is your favorite bookmark site missing?
Ask for it.