London, Ontario, CANADA, May 25, 2015
Tribute Resources Inc. (TSX-V: TRB) (“Tribute”), is pleased to announce that it has purchased 99.99% of the shares of Liberty Oil & Gas Ltd. (“Liberty”). Liberty owns a 100% interest in 21 oil and natural gas wells producing approximately 35 barrel of oil equivalent (“BOE’) per day located near Chatham, Ontario. The purchase provides a long-term source of cash flow from oil and natural gas production.
Tribute paid a total of $775,000 cash for the purchase with an effective date of May 1, 2015. The funds were utilized to cover working capital deficiencies and debt in Liberty of approximately $600,000 with the balance of the purchase price paid to purchase the shares of Liberty. The assets purchased include oil and natural gas reserves with an estimated 87 million barrels of oil equivalent, 3,000 acres of petroleum and natural gas leased lands in the Dover East and West pools near Chatham, Ontario, 1,200 acres of natural gas storage leases at Dover East adjacent to the Ontario Energy Board designated Union Gas Jacob Storage Pool, a 3,400 km 2D seismic database, 15 km2 3D seismic base, and tax pools of $4.2 million.
About Tribute Resources Inc.:
Tribute is a Canadian publicly traded energy 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 investing in energy projects including market-based priced underground natural gas storage assets, natural gas reserves and renewable energy projects in Canada. Tribute’s objective is to build a company capable of delivering and sustaining long-term per share growth by developing energy 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 or information 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”, “intend” 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. The forward looking information and statements contained in this press release speak only as of the date hereof, and Tribute does not assume any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws.
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.