ALBUQUERQUE, N.M., Aug. 11, 2005 (PRIMEZONE) -- Brinx Resources Ltd. (OTCBB:BNXR) (the "Company") is pleased to announce its acquisition of oil and gas assets in Oklahoma. This initial acquisition establishes the Company in the energy exploration field even while additional energy-related assets are being evaluated for possible acquisition or participation.
Brinx Resources Ltd. has signed an agreement to purchase an undivided 70% working interest in the Owl Creek Prospect, Oklahoma. Total buy-in cost including geology and geophysics is $211,750 for this 70% interest in 820.4 acres in Garvin and McClain counties. An additional 800 acres may be available in the future.
The operator of the Owl Creek Prospect, Ranken Energy Corporation, has initial plans to complete a two-well re-entry program of the Johnson No. 1 and the Powell No. 1 wells, located near the town of Paoli, Oklahoma. Neither of these wells has been previously completed but log analysis indicates both have potentially productive zones that were not previously tested. Examination of the Owl Creek leased acreage using proprietary exploration systems such as newer 3-D seismic data indicates these two wells, located over a mile apart, are on a structural nose or high that may be part of large undrilled field. Should this field exist there is a potential that future wells would have secondary pay zones.
Through the use of modern technology, combined with historical data, the Company believes a substantial economic opportunity exists to locate new fields as well as to recover additional oil and gas reserves from older fields only partially depleted because of lack of technology or low oil prices.
The Company is also investigating additional energy-related opportunities on an ongoing basis.
Mr. Leroy Halterman, President
The Company relies upon the Safe Harbor Laws of 1993, 1934, and 1995 for all public news releases. The Company has no official gas or oil reserves at this time and may not have sufficient funding to thoroughly explore, drill or develop its properties. Statements which are not historical facts are forward-looking statements. The Company makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessarily estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors but they include and are not limited to the existence of underground deposits of commercial quantities of oil and gas; cessation or delays in exploration because of mechanical, operating, financial or other problems; capital expenditures that are higher than anticipated; or exploration opportunities being fewer than currently anticipated. Factors which could cause actual results to differ materially from those estimated by the Company include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements and filings.