News
Release
September
10, 2003
CALGARY,
Sept. 10 /CNW/ - Softrock Minerals Ltd. ("Softrock") (TSX-VEN
"SFT") announces they have completed a transaction, with final
regulatory approval, whereby they have farmed out to Vergene Capital Corp.
("Vergene") (TSX-VEN "YVN") seven undrilled northwest
Saskatchewan crown oil and gas leases acquired by Softrock early this
year for approximately $140,000 and further seismic and geological work
paid by shareholder loans, for a cash payment of $190,000 and Vergene's
commitment to drill three cretaceous tests on the leases in the next year.
In addition,
Vergene issued two million of their common shares to Softrock which are
to be held in escrow, the first million to be released if and when Vergene
has recovered its capital costs from the initial three wells and the final
million if and when Vergene recovers double its capital costs from the
same wells. All shares not released by July 2007 are to be returned to
Vergene.
FOR FURTHER
INFORMATION PLEASE CONTACT:
Softrock
Minerals Ltd.
Nick Taylor
President
Ph:(403) 266-2605 or Fax:(403) 266-2730
Email: info@softrockminerals.com
The TSX Venture Exchange has not reviewed and does not accept the responsibility
for the adequacy or accuracy of this release.
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