Press Release
focus on less capital intensive projects that provide opportunities for early cash flow and better return on investment.
One such project is the Wabamun sour gas project at Crossfield. The Company reportsthat the Operator, Standard Energy Inc., is proceeding well with the licencing process. Although it is unlikely that a license will be issued without a regulatory hearing, the hearing process itself is expected to move along more quickly now inasmuch as drilling activity is down in Alberta resulting in the Licensing Board having more open time available to deal with more complex applications like Crossfield.
ON BEHALF OF THE BOARD
"Matt Wayrynen"
_________________________________
Matt Wayrynen
Chief Executive Officer
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release
Corporate Update
Corporate Updates:
Ferrier West
The Company has executed a participation agreement (the "Agreement") with an Alberta-based oil and gas operator to participate in drilling an exploratory well in the Ferrier Area of westcentral Alberta. Under the terms of the agreement, Berkley will pay an aggregate $1,200,000 for
an 18% working interest in the well. The effective date of the Agreement is October 1, 2008. This 3,225 metre (10,580 foot) well was drilled and cased during the fourth quarter 2008.
Crossfield
In an associated transaction, the Company has entered into an agreement to sell 25% of its existing 50% interest in the Crossfield Project for $350,000.
Senex
Berkley also reports that it has reached an agreement with the operator of the Senex Project to settle the joint account dispute. This will facilitate future joint interest activity on the Senex
lands pursuant to the January 19, 2009 Agreement (see press release dated January 29, 2009). The Company currently holds a 10% working interest in the Project.
Chief Financial Officer
The Company also wishes to announce that Pamela Lynch, CMA, has joined the Company as Chief Financial Officer. Ms. Lynch is a member of the Certified Management Accountant's Association. She has more than 10 years of management and accounting experience in both the private and public sectors. Ms. Lynch is currently the Company's Corporate Secretary. Her experience encompasses financial and regulatory compliance in a number of industries.
ON BEHALF OF THE BOARD
"Matt Wayrynen"
_________________________________
Matt Wayrynen
Chief Executive Officer
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release
Berkley Moves Calgary Office
Berkley Resources Inc.
Mission Square
Suite 900, 2424-4th Street, SW
Calgary, AB T2S 2T4 Canada
Tel: (403) 237-6211
Fax: (403) 218-2366
Berkley Resources Announces Amendment to Private Placement
In addition, at the request of the TSX Venture Exchange, the Company canceled a total of 344,445 warrants issued in the private placement to insiders of the Company. The remaining 1,899,999 warrants continue to be outstanding.
ON BEHALF OF THE BOARD
"Matt Wayrynen"
_________________________________
Matt Wayrynen
Chief Executive Officer
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release
Berkley Resources Signs Equalization and Operting Agreement for Senex Area, Alberta, Canada
Under the terms of the Agreement signed January 19, 2009, Berkley has agreed to assign to the Company one-half of its current working interest in the Senex Lands. In exchange, the Company has agreed to further develop the Senex lands by incurring net capital expenditures on behalf of Berkley to a maximum of $1,700,000. The effective date of the Agreement is October 1, 2008. Berkley shall not be required to participate in the capital expenditures; however, Berkley will
continue to participate in its pro-rata portion of ongoing operating costs on the Senex Lands.
ON BEHALF OF THE BOARD
"Matt Wayrynen"
_________________________________
Matt Wayrynen
Chief Executive Officer
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release