Coastport Capital Inc.
TSX VENTURE:
CPP
FRANKFURT:
C1J
Other Recent News
June 29, 2009
Coastport Capital Update
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 29, 2009) - David Patterson, President of Coastport Capital Inc. (TSX VENTURE:CPP)(FRANKFURT:C1J), announces that Coastport Capital has entered into a definitive purchase agreement, subject to TSXV approvals, to acquire certain producing natural gas properties located in South and East Central Alberta. The assets are being acquired from a private Alberta corporation for a purchase price of $1.1 million (subject to adjustments) payable in cash. Production from the properties is expected to be approximately 36 boe/day (barrels of oil equivalent per day) comprised of predominantly natural gas and associated liquids. Concurrently, Coastport executed an Area of Mutual Interest Agreement ("AMI") with the Vendor wherein both parties wish to pursue certain opportunities to purchase crown lease rights and jointly drill wells in the area. This acquisition and signing of the AMI are the initial steps towards establishing a presence in the oil and gas business and additional acquisition opportunities are being evaluated at present. ON BEHALF OF THE BOARD OF COASTPORT CAPITAL INC. David Patterson, President Neither the TSX Venture Exchange nor its regulations services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
CONTACT INFORMATION:
Coastport Capital Inc. David Patterson President (604) 684-0561 Fax: (604) 602-9311 info@coastportcapital.com www.coastportcapital.com
INDUSTRY: Energy and Utilities - Oil and Gas
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