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Blue Horizon Announces Sale of Working Interest in Waskahigan Oil Property and Cancellation of Bruderheim Lease
By: Marketwired .
Feb. 4, 2013 01:02 PM
RED DEER, ALBERTA -- (Marketwire) -- 02/04/13 -- Blue Horizon Industries Inc. ("Blue Horizon" or the "Corporation") (CNSX:BH) announced today that its wholly owned subsidiary, Blue Horizon Energy Inc ("BH Energy"), has sold the balance of its 5% working interest in the Waskahigan oil assets (the "Working Interest") to an arm's length third party (the "Purchaser"). The Corporation received $122,500 cash as consideration for the Working Interest.
Originally, BH Energy held a 15% undivided working interest, and on June 8th, 2012 through October 31, 2012, the Purchaser acquired 10% of the working interest with an option granted to the Purchaser to acquire the remaining 5% working interest. Pursuant to the terms of such option, which terms were amended by mutual agreement between the parties, the Purchaser has now exercised its right to purchase the remaining 5% interest.
As a result of this latest disposition, BH Energy ceased all operations on the Waskahigan well on January 29, 2013, in addition to ceasing operations on the Normandville well on January 21, 2013.
BH Energy, has also terminated the Bruderheim lease agreement. In order to be closer to the feed stock, BH Energy is seeking a joint venture with a municipality transfer site in lieu of the Bruderheim lease agreement. There are no penalties incurred with respect to cancellation of the lease agreement.
About Blue Horizon Industries Inc.
Blue Horizon Industries Inc. is a diversified industrial company with a four-fold strategic focus. The Corporation operates through three subsidiary companies; Blue Horizon Energy Inc. - 100% owned ("Blue Horizon Energy"), Blue Horizon Bio-Diesel Inc. - 100% owned ("BH Bio-Diesel") and Blue Horizon Mining Inc. - 74% owned ("BH Mining"). Blue Horizon Contracting ("BH Contracting") and BH Energy are wholly-owned divisions of Blue Horizon Energy. BH Contracting is currently working with BH Bio-Diesel on the dismantling and re-erection of the demonstration plant while BH Energy still holds exploration interests for oil and gas in Western Canada, having participated in 3 test wells in 2011. BH Mining is advancing two mining projects in British Columbia and BH Bio-Diesel has an exclusive sub-license agreement to build green renewable-diesel plants in Canada.
The shares of the parent company, Blue Horizon Industries Inc., are listed to trade on the Canadian National Stock Exchange ("CNSX") under the symbol BH.
Further information with respect to the Blue Horizon Group of Companies can be obtained by visiting: www.blue-horizon.ca.
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the company's disclosure documents on the SEDAR website at www.sedar.com. The company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
Neither the Canadian National Stock Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian National Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.
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