Gulf Shores Acquires Bakken Acreageadmin
Gulf Shores Resources Ltd. has entered into an arms length agreement with Crown Point Ventures Ltd. (Crown Point) whereby the Company will purchase Crown Point’s 47.5% interest in 2,328 acres of Petroleum & Natural Gas rights in the Wapella area of South-East Saskatchewan for a purchase price of CDN$280,000.
The acreage is prospective for the drilling of new horizontal Bakken Oil wells and includes one producing vertical Bakken Oil well and a salt water disposal facility.
The Company is not planning a consolidation of its capital stock.
Michael Turko has been appointed President & Chief Executive Officer of the Company. Gerald Otterman has resigned as President & Chief Executive Officer and has been appointed Chief Financial Officer. Ming Jang has resigned as Chief Financial Officer.