London, Ontario, CANADA, September 26, 2014
Tribute Resources Inc. (TSX-V: TRB) (“Tribute”), is pleased to announce the closing of the purchase of the Ontario natural gas wells and production of Magnum Gas Corp. The purchase provides a long-term source of cash flow from natural gas production.
Tribute paid $2.633 million for the assets and the purchase had an effective closing date of March 1, 2014 and a closing date of September 24, 2014. The assets purchased include natural gas reserves estimated at 1.5 MMCF with current production of 450 MCF per day from 71 wells, required land leases for the production of the natural gas as well as exploratory leases, and an 18 km 4½ inch steel transmission pipeline which runs from Tillsonburg to a location near Port Burwell, Ontario.
About Tribute Resources Inc.:
Tribute is a Canadian publicly traded energy and natural resource company that was incorporated under the Business Corporations Act of the Province of Alberta on May 15, 1997. Tribute’s primary focus is on adding value to shareholders by developing and investing in energy and natural resource projects in Canada. Tribute’s objective is to build a company capable of delivering and sustaining long-term per share growth by developing energy and natural resource projects that will generate stable long-term cash flow when fully developed. Tribute’s business plan is to build upon its current asset base to identify, permit, develop, and construct projects that meet its threshold return criteria. Tribute will create value by identifying project opportunities, providing the expertise to develop the projects and maintaining an interest in the completed assets to build long-term stable utility quality cash flow from a strong and diversified energy related asset base.
Certain statements in this press release may include “forward-looking” statements which involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of Tribute to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used in this press release, such statements use such words as “may”, “will”, “expect”, “anticipate”, “project”, “believe”, “plan”, and other similar terminology. The risks and uncertainties are detailed from time to time in reports filed by Tribute with applicable securities regulatory authorities. New risk factors may arise from time to time and it is not possible for management to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual results, performance and achievements of Tribute to be materially different from those contained in forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchanges) accepts responsibility for the adequacy or accuracy of this news release.
For further information on this press release please contact Jennifer Lewis, CFO of Tribute at (519) 657-7624 or visit our website at www.tributeresources.com.