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.
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