By
January 13, 2012, Vancouver, BC: Brandenburg Energy
Corp. (TSXV:BBM) ("Brandenburg" or the
"Company"), updates its shareholders and other
interested parties on the status of its Farm-In Agreement
(the "Agreement") with Holloman Energy Corp.
("Holloman"). On July 29, 2011, Holloman and
Brandenburg finalized the Agreement under which Brandenburg
can earn an undivided 44% working interest in Holloman's
PEL 112 and PEL 444 licenses. Brandenburg's earn-in is
subject to meeting certain milestones which include the
initial funding of earning obligations totaling approximately
AUD$16.3 million.
Under the terms of the Agreement, Brandenburg was obligated to pay Holloman AUD$7.4 million on or before September 20, 2011 to fund seismic data acquisition and conduct a three (3) well drilling program on PEL 112. Due to current market conditions, and its impact upon Brandenburg's capital raising endeavours, Brandenburg has been unable to pay this amount. On December 5, 2011, Holloman provided Brandenburg with a notice of its intent to terminate the Agreement and return escrowed funds. In accordance with the terms of the Agreement, Brandenburg had thirty (30) business days in which to pay the past due amount; Brandenburg was unable to do so. In light of the foregoing, the Agreement between Holloman and Brandenburg is effectively terminated.
Brandenburg will continue to seek out other more attainable opportunities to bring about and enhance our stakeholders' value and investment in the Company.
On behalf of the Board of Directors
BRANDENBURG ENERGY CORP.
Karl Antonius
President & CEO
For further information, please contact:
Contact Name: Karl Antonius
We seek Safe Harbor.
Neither the TSX Venture Exchange nor any other regulatory authority accepts responsibility for the adequacy or accuracy of this release.
Under the terms of the Agreement, Brandenburg was obligated to pay Holloman AUD$7.4 million on or before September 20, 2011 to fund seismic data acquisition and conduct a three (3) well drilling program on PEL 112. Due to current market conditions, and its impact upon Brandenburg's capital raising endeavours, Brandenburg has been unable to pay this amount. On December 5, 2011, Holloman provided Brandenburg with a notice of its intent to terminate the Agreement and return escrowed funds. In accordance with the terms of the Agreement, Brandenburg had thirty (30) business days in which to pay the past due amount; Brandenburg was unable to do so. In light of the foregoing, the Agreement between Holloman and Brandenburg is effectively terminated.
Brandenburg will continue to seek out other more attainable opportunities to bring about and enhance our stakeholders' value and investment in the Company.
On behalf of the Board of Directors
BRANDENBURG ENERGY CORP.
Karl Antonius
President & CEO
For further information, please contact:
Contact Name: Karl Antonius
We seek Safe Harbor.
Neither the TSX Venture Exchange nor any other regulatory authority accepts responsibility for the adequacy or accuracy of this release.
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