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| | July 14, 2005
Virgo Zama Participation Agreement
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| | The Board of Directors of RCOM Venture Corp. ("the Company") wishes to announce it has entered into a Participation Agreement with Warburg Resources Inc. whereby the Company may earn certain interests in four properties in northern Alberta, in the Virgo-Zama basin (the Virgo Zama properties). Pursuant to this agreement, the Company has been granted the right to earn a 50% interest Before Pay Out ("BPO' and a 32.5 % interests After Pay Out ("APO") in three properties, and a 45% and 30% interest in the fourth property subject to Crown and farmor royalties ranging from 5% to 22.5% The participation cost for these interests is 50% of the estimated costs to re-enter, and/or drill and case four Keg River wells. The estimated net cost to the Company is $2,200,000. The costs are to be advanced to the operator as to $125,000 payable on signing and the balance of two payments of $839,052 and $1,058,577 payable in October and December respectively.
The Virgo-Zama area has been a prolific producer of oil and gas from Devonian Keg River reefs. The four prospects are all define by 3D seismic and all proposed wells offset former producers in existing pools.
The Participation Agreement may be subject to regulatory approval.
On Behalf of the Board of Directors
"Andrew H. Rees"
Andrew H. Rees
President, CEO
This News Release contains forward-looking statements regarding the timing and content of upcoming programs. Actual results may differ materially from those currently anticipated in such statements. THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE, WHICH WAS PREPARED BY MANAGEMENT. |
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| | You can view the Next News Releases item: Mon Aug 29, 2005, Virgo-Zama Work to Begin
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