TSX.V: CJC
FRKFRT: YXE
OTC.BB: CJCFF
Press Release |
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Phone: 604.685.5851
Fax: 604.685.7349
July 27, 2010 |
CANADA GAS CLOSES TRUTCH SALE
Vancouver, British Columbia, Canada - July 27, 2010 - Canada Gas Corporation (TSX-V: CJC, Frankfurt: YXE, OTC-BB: CJCFF) ("Canada Gas" or the "Company") has completed the sale of the Trutch natural gas property in Northeast British Columbia to Hemisphere Energy Corporation. (TSXV: HME). The sale includes a range of 9%-30% working interest in various assets throughout the property. Total consideration for the sale was $300,000 in cash and $50,000 by the issuance of 214,225 Hemisphere Energy shares at a deemed price of $0.2334 each, being the average closing price over the 30 calendar day period ending April 27, 2010. These shares are subject to a hold period until November 24th, 2010.
Management continues to source and evaluate new opportunities for the Company by way of acquisition or reverse takeover in the mining or oil and gas space. Parties interested in discussing such opportunities are invited to contact the Company.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information on Canada Gas, please visit www.canadagas.ca or call 604.685.5851.
On behalf of the Board,
CANADA GAS CORP.
Chad McMillan
President & CEO
ABOUT CANADA GAS
Canada Gas Corp. (tsx.v: CJC; Frankfurt: YXE; otc:bb: CJCFF) has two natural gas projects located in the foothills region of the prolific petroleum and natural gas bearing Western Canadian Sedimentary Basin, northeastern British Columbia, Canada. The Prophet River and Trutch projects feature varying PNG rights to multiple prospective target horizons, multiple prospective development locations, and flexible logistics.
FORWARD LOOKING STATEMENTS
This communication to shareholders and the public contains certain forward-looking statements. Actual results may differ materially from those indicated by such statements. All statements, other than statements of historical fact, included herein, including, without limitations statements regarding future production, are forward looking statements that involve various 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. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Canada Gas Corp. 520-700 West Pender Street, Vancouver BC, V6C 1G8 |