VANCOUVER, British Columbia, March 21, 2007 (PRIME NEWSWIRE) -- Irwin Resources Inc. is pleased to announce the Company has signed a definitive Farmout Agreement on the Boyne Lake Oil Sands Prospect located in Alberta, Canada.
The terms of the Farmout Agreement provide for the Company to pay its share of the costs associated with a second well to be drilled, following the Discovery Well drilled to a depth of about 560 meters (1,836 feet). Completed in March 2006, the Discovery Well was subject to "tight hole" (confidentially) status. The Company will earn a 48% working interest in this Test Well, subject to the Company making certain payments against land acquisition, seismic, geophysical, geology engineering and legal costs. The Boyne Lake Oil Sands Prospect includes an Area of Mutual Interest equal to nine sections of land for a total of 5,760 acres.
As reported in the Company's news release on Mar 13, 2007, the Boyne Lake Oil Sands Prospect is located in the Cold Lake oils sands area, approximately 110 km (69 miles) north of Edmonton, Alberta, Canada.
Northern Alberta has been the subject of significant interest over the past years where major tar sand oil and Bitumen are being developed, are producing and, using current technology, are technically capable of recovering about 280-300 Gb (billion barrels per day).
About Irwin Resources Inc.
Irwin Resources is a junior resource company based in Vancouver, B.C. engaged in the acquisition, exploration and development of resources properties. The Company seeks out low-risk opportunities to develop positive cash flow from properties where prior exploration has been successful. Irwin Resources plans to generate growth primarily through efficient reinvestment of internally generated cash flow and through limited external financing, which it plans to utilize to build ancillary businesses.
Safe-Harbor Statement: Under the Private Securities Litigation Reform Act of 1995. This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.