CALGARY, ALBERTA--(Marketwire - Feb. 18, 2009) - Red Rock Energy Inc. (TSX VENTURE:RRK) ("Red Rock") announced today that it has been advised by management of Uranium City Resources Inc. ("UCR") that the transaction in which Red Rock agreed to purchase all of UCR's exploration property claims located in northern Saskatchewan (the "Claims") received shareholder approval at a meeting duly held on February 13, 2009.
The Claims were also subject to an option agreement between UCR and GLR Resources Inc. ("GLR"), made as of November 22, 2004, under which GLR has a preemptive right to purchase the Claims on the same terms and conditions as those proposed by Red Rock. Completion of the Transaction is conditional on the receipt from GLR of a written waiver of its preemptive right, and this waiver has been obtained.
Red Rock will now proceed in due course to complete the UCR transaction in accordance with the terms of the agreement outlined in the news release dated November 27, 2008.
Statements in this press release may contain forward-looking information including expectations of future production, operating costs, commodity prices, administrative costs, commodity price risk management activity, acquisitions and dispositions, capital spending, access to credit facilities, income taxes, regulatory changes, and other components of cash flow and earnings. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the company. These risks include, but are not limited to, the risks associated with the mining industry, commodity prices and exchange rate changes. Industry related risks could include, but are not limited to, operational risks in exploration, development and production, delays or changes in plans, risks associated to the uncertainty of reserve estimates, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. The reader is cautioned not to place undue reliance on this forward-looking information.
The reader is further cautioned that the preparation of financial statements in accordance with generally accepted accounting principles requires management to make certain judgements and estimates that affect the reported amounts of assets, liabilities, revenues and expenses. Estimating reserves is also critical to several accounting estimates and requires judgments and decisions based upon available geological, geophysical, engineering and economic data. These estimates may change, having either a negative or positive effect on net earnings as further information becomes available, and as the economic environment changes.
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Red Rock Energy Inc.
Red Rock Energy Inc.