NANAIMO, British Columbia, Dec. 23, 2004 (PRIMEZONE) -- Pure Capital, Inc. (OTCBB:PUCIF) announced today that it has completed the negotiations with respect to its first oil and gas target in Alabama. Pure Capital is now in the process of completing its due diligence and is aiming to execute the final agreement within the next 30 days. The project is a low costing shallow sands target in the Gilmer Sand. Pure Capital will fund the development of approximately six wells in the field to get the optimum production.
The Company also announced today that it is in the process of completing an operating agreement with a significant operator from the area and this, along with the permit approval complete, the Company expects to have a rig booked for mid January 2005.
This press release and company review and assumptions made regarding the financial figures and other information, referenced and presented, state and reflect assumptions, expectations, projections, intentions, and/or beliefs about past and future events that are intended as "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate to historical or current facts. They use words such as "anticipate", "estimate", "project", "forecast", "may", "will", "should", "expect", "assume", and other derivations thereof and other words of similar meaning. In particular these include, but are not limited to, statements reflecting the projected revenues, earnings, profit and loss of the company and associated costs. Any or all of the company's forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known and unknown risks and uncertainties. For a description of many of these risks and uncertainties please refer to the company's filings with the U.S. Securities & Exchange Commission (www.sec.gov) including form 20-F. Moreover, this release is contingent upon the completion of the transaction listed above and is subject to the execution of a definitive acquisition agreement. Pure Capital gives no assurance that a definitive agreement will be executed between Pure Capital and any of the candidates they are currently in discussions with. Pure Capital caution investors that this announcement is made pursuant to full disclosure requirements. Pure Capital intends to keep investors apprised of the status of any transaction as it unfolds.