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BONANZA ANNOUNCES REDUCTION IN ACREAGE OF
November 26, 2009
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On November 24, 2009, the Company was informed by the operator of the North Fork property, that certain leases had expired approximately six months ago, effectively reducing the Prospect’s acreage from approximately 8500 acres to approximately 5600 acres. The Prospect’s operator independently made the decision not to renew the leases. The Company is currently investigating why the leases were not renewed and why so much time elapsed prior to the operator informing the Company that the leases had expired. To the Company’s knowledge, all of the leases on the primary target formation were duly renewed and the Company intends to proceed with drilling on the leases in the coming months.
ON BEHALF OF THE BOARD
“Byron Coulthard”
Byron Coulthard
President/CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding proposed drilling on the Prospect. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) the inherent uncertainties and speculative nature associated with oil and gas exploration, (2) a decrease in the demand for and/or a decrease in the price of oil and gas, (3) any number of events or causes which may delay development on the Prospect, such as environmental liabilities, weather, mechanical failures, safety concerns and labour problems, and (4) other factors beyond the Company’s control. These forward-looking statements are made as of the date of this news release and the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.
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For further information, please contact:
Bonanza Resources Corporation
+1 604 340-4853
email: info@bonanzaresources.com
website: www.bonanzaresources.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
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