Force Energy Corp. Negotiates Final Terms For 50% Working Interest In The Diamond Springs Prospect
DENVER, CO, June 29, 2009 - Force Energy Corp. (OTC.BB: FORC) (hereafter “Force” or “the Company”), is pleased to announce that the Company has negotiated an agreement in principle with G2 Petroleum LLC for the acquisition of a full 50% working interest in the diamond springs prospect.
Pursuant to the terms of the agreement in principle, G2 has agreed to assign to the Company a 50% interest in the Diamond Springs Prospect located in the Wind River Basin in Fremont County, Wyoming, in consideration of which, among other things, Force will release G2 from all further obligations relating to the US$175,000 loan provided to G2 in December, 2008 and the US$50,000 deposit advanced by Force pursuant to the terms of the March, 2008 letter agreement between the parties.
The parties intend to enter into a definitive agreement in accordance with the terms of the agreement in principle which will replace and supercede all prior agreements between the parties relating to the Diamond Springs Prospect, including the letter agreement between the parties entered into in March, 2008.
About the Diamond Springs Prospect
The Diamond Springs Prospect is a 3,300-acre shallow oil prospect located within the Wind River Basin in Fremont County, Wyoming. Independent 3rd party geologic work has concluded that the three independent but geologically similar prospective locations that comprise the property has the potential for 4.3 million barrels of oil all from depths of less than 1,100 feet. With its low cost risk/reward profile, management believes that the Diamond Springs Prospect is an exciting project.
Shareholders and Investors alike are encouraged to contact the Company directly toll-free at 1-866-953-FORC (3672) for more information.
About Force Energy Corp.
Force Energy Corp. is an Oil & Gas Exploration and Development Company based in Denver, CO with a focus on Wyoming. Using a geology-based methodology, the US Geological Survey estimate a mean of 2.4 trillion cubic feet of undiscovered natural gas and a mean of 41 million barrels of undiscovered oil in the Wind River Basin Province of Wyoming. They further estimate a mean of 84.6 trillion cubic feet of undiscovered natural gas and a mean of 131 million barrels of undiscovered oil in the Southwestern Wyoming Province. Force Energy Corp. has entered into LOI’s to drill and develop two prospects located within each of these prolific areas. The Company’s shares are publicly traded on the OTCBB under the ticker symbol FORC.
On behalf of the Board of Directors
FORCE ENERGY CORP.
Legal Notice Regarding Forward-Looking Statements
Legal Notice Regarding Forward-Looking Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Forward-looking statements are based on current facts and analyses and other information that are based on forecasts of future results, estimates of amounts not yet determined, and assumptions of management. Forward looking statements are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective", and similar expressions or that events or conditions "will", "would", "may", "can", "could" or "should" occur. Information concerning oil or natural gas reserve estimates may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed.
Actual results may differ materially from those currently anticipated due to a number of factors beyond the reasonable control of the Company. It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include misinterpretation of data, inaccurate estimates of oil and natural gas reserves, the uncertainty of the requirements demanded by environmental agencies, the Company's ability to raise financing for operations, breach by parties with whom we have contracted, inability to maintain qualified employees or consultants because of compensation or other issues, competition for equipment, inability to obtain drilling permits, potential delays or obstacles in drilling operations and interpreting data, the likelihood that no commercial quantities of oil or gas are found or recoverable, and our ability to participate in the exploration of, and successful completion of development programs on all aforementioned prospects and leases. Additional information on risks for the Company can be found in filings on Edgar of other junior oil and gas exploration companies with the US Securities and Exchange Commission.
